Baku, Azerbaijan, Dec. 8
Elmar Mammadov, chairman of Board of the International Bank of Azerbaijan (IBA), has been dismissed upon the decision of the IBA Supervisory Board, a source in Azerbaijan’s financial circles, told Trend Dec. 8.
Mammadov was appointed as the IBA Board chairman for four years in July 2015.
Earlier, Mammadov served as chairman of boards at AzerTurkBank and Kapital Bank.
Khalid Ahadov, who has been acting chairman in AzerTurkBank since December 2, 2016, was appointed as IBA acting chairman.
Ahadov has served as the head of Bank Standard since August 2016. Earlier, he served as chief executive officer in Unibank, deputy chairman of board in Bank of Baku.
The International Bank of Azerbaijan was founded in 1992.
On July 15, 2015 Azerbaijani President Ilham Aliyev signed a decree on the measures for rehabilitation related to the preparation for privatizing the state-owned shares of the International Bank of Azerbaijan JSC.