Azerbaijan, Baku, June 4 / Trend , I.Khalilova/
Jahangir Hajiyev has been re-elected the chairman of the International Bank of Azerbaijan (IBA) Board in accordance with the decision of the meeting of shareholders of the bank. Hajiyev has been re-elected to the third term.
In accordance with the Law on Banks, the board of credit organizations are elected every four years and approved by the Central Bank of the country. In 2006, the decision of the supervisory board of IBA was approved the new composition of the bank. Under the changes, Emin Mustafayev was appointed the first deputy chairman of the Board. Chairman of IBA has three more deputies- Askar Mammadov, Vagif Akbar and Rovshan Karimov.
IBA was established in 1992 as a successor of the Azerbaijan branch of the Foreign Economy Bank. IBA holds a dominant position in the banking sector in the country, has a well-developed branch network.
IBA is still the only bank with state participation. Government's share in the bank is 50.2 per cent, while the rest of the capital formed by means of private shareholders.
MBA's assets hit 3,308.8 million manat in the first quarter, which is 14.5 percent more than in the same period of 2008. The aggregate capital of IBA is formed at the level of 391.2 million manat, in which the charter capital accounts for 193.8 million manat.
As of April 1, IBA has 37 branches. Bank has 592 ATMs (increased to 14), and POS-terminals - 2,664 (in the first quarter of last year was 2 397).
On June 4, the official exchange rate is 0.8036 manat to $1.
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