Baku, Azerbaijan, July 22
Elmar Mammadov was elected the chairman of the board of the International Bank of Azerbaijan in accordance with the decision of the bank's shareholders' meeting July 22.
Previously, he served as the chairman of the board of Azer-Turk Bank JSC.
Moreover, other changes were made in the bank's board: the number of the chairman's deputies has decreased from five to two. Murad Shiraliyev and Ulvi Mansurov have been appointed deputies of the chairman.
Deputies of the bank's board chairman Emil Mustafayev, Vagif Akbarov, Gubad Huseynov and Rashad Hajiyev were not reelected as their term of office has expired.
The number of members of the Supervisory Board of the International Bank of Azerbaijan has decreased from seven to five.
Post of the head of Azerbaijan's largest bank has been vacant since March 18, 2015 after Jahangir Hajiyev resigned from his post for health reasons. He has held the post of the chairman of Azerbaijan's International Bank since March 2001.
After Hajiyev vacated his post, his duties were handled by Emil Mustafayev, first deputy chairman of the bank's board.
Elmar Mammadov was born on Oct.9, 1967. He graduated from Azerbaijan State EconomicUniversity in 1991 and Baku State University in 1994.
From 1995 to 2004 he was the head of the Operations Division at the International Bank of Azerbaijan, and head of the bank's Sabail branch. He joined Kapital Bank in 2004 as head of the Department of Crediting and Project Financing, and went on to be appointed Chairman of the Management Board in 2009.
The International Bank of Azerbaijan was founded in January 1992.
Azerbaijani Ministry of Finance is the main shareholder of the bank with 51.07-percent share, while the remaining share is owned by individuals and legal entities.