Azerbaijan's major bank raises capital
Azerbaijan, Baku, Feb 14/ Trend N. Ismaylova
The International Bank of Azerbaijan's (IBA) shareholders have decided to increase the bank's share capital by 100 million manat, bringing it to 340 million manat.
"The stock floatation will begin after the completion of activities required by law, that is, the registration of the emission by the State Committee on Securities," the bank said in a report.
IBA is a quasi-state bank, and its primary shareholder today is the Azerbaijan government, which owns 50.2 percent of its shares.
The official exchange rate is 0.7863 AZN/USD on Feb.13.