Azerbaijan, Baku, Feb. 14 / Trend A. Akhundov /
The Azerbaijan International Insurance Company expects a significant increase in its share capital in 2013, chairman of company board Mammad Sadiq Mammadov told Trend on Wednesday.
"We expect the founder's decision (IBA) to increase the capital," he said. "The bank's board made a decision and we are waiting for the conclusion of the Supervisory Board. We requested an increase in capital by more than 10 million manat, but the founder will make the final decision."
At present, the paid-up share capital of the insurance company is 8.8 million manat.
Chairman of IBA supervisory board Azer Bayramov told Trend earlier that the decision on the International Insurance Company's capitalisation will be made in 2013.
"We will examine the financial indices of the company as of 2012 and make a decision on capitalisation," Bayramov said. The International Insurance Company was established in 2002.
The official exchange rate is 0,7848 AZN/USD on Feb. 14.