International Bank of Azerbaijan plans to increase its capital
Baku, Azerbaijan, Mar.18
By Elyaz Shafiyev - Trend:
The issue placement of ordinary registered shares of International Bank of Azerbaijan in the amount of more than 100 million manat (AZN) begins at Baku Stock Exchange as of March 29, the message of the stock exchange said.
The official exchange rate for March 18 is 1. 0488 AZN/USD.
Around 370,370,371 shares at par value of 0.27 manat will be available as part of the issue. The placement underwriter is International Transaction System LLC. The placement of shares will be completed June 11, 2015.
Validity period of preemptive right to acquire shares by shareholders is until May 29, 2015.
The company's share capital will be increased from 590.2 million manat (as of January 1, 2015) to 690.2 million manat following the issue.
As of 2014, IBA assets reached 8.8 billion manat (22.7 percent-annual growth). The loan portfolio increased by 16.6 percent. As of early 2015, it amounted to 5.868 billion manat. The loans delivered to the physical entities amounted to 678.5 million manat. During the year the population's deposits in banks increased by 117.3 million manat to 1.73 billion manat. The bank's income amounted to 585.8 million manat. IBA net profit was 64.5 million manat as of 2014.
The International Bank of Azerbaijan (IBA) was founded in January 1992. The IBA is the largest bank in the country. The bank's main shareholder is the Azerbaijani government, which owns a 50.2 percent stake, while 49.8 percent of the shares are owned by private shareholders.