Further capitalization of IBA depends on shareholders
Azerbaijan, Baku, Oct. 14 / Trend , N.Ismayilova/
Further capitalization of the International Bank of Azerbaijan depends on the decision of its shareholders, the bank's Chairman Jahangir Hajiyev said.
"The whole banking system of the CIS countries, according to experts, is undercapitalized, and Azerbaijan is no exception. Therefore, in recent years, the capitalization of the IBA has increased by hundred times," Hajiyev said at the II International Banking Conference of the CIS countries "Enhancing the stability of the financial and banking systems of the Commonwealth" in Baku on Oct. 14.
He said if 7-8 years ago, the paid authorized capital of the bank was $2.5 million, today it amounts to 200 million manat.
"The bank has made progress in this direction, but the question of further capitalization depends on the decision of the bank's shareholders," said Hajiyev.
TREND news agency and Day.az provide the banking conference with media support.