Azerbaijani largest bank’s authorized capital will exceed $1 bln
Azerbaijan, Baku, Oct. 21 / Trend A. Akhundov /
The Extraordinary Meeting of Shareholders of the International Bank of Azerbaijan (IBA) was held on October 18, 2013.
"Considering growth dynamics of the bank, a 4-year capital increase program was adopted during the meeting," the statement said.
According to this program, Shareholders approved bank's capital increase by 200 mln. manat in the first place followed by an additional 300 mln. manat over the following 3 years (100 mln. manat each year), which in total represents 500 mln. manat capital increase.
The International Bank of Azerbaijan was founded in January 1992 and is the largest in the country. The bank's main shareholder is the Azerbaijani government which owns a 50.2 per cent share with a 49.8 per cent of share owned by private individuals and legal entities.
At present, IBA's authorized capital hits 368 million manat.
The official exchange rate is 0,7843 AZN/USD on Oct. 21.