SOFAZ executive director heads IBA supervisory board (UPDATE)

Business Materials 14 March 2018 22:07 (UTC +04:00)

Details added (first version posted on 19:29)

Baku, Azerbaijan, March 14

By Anvar Mammadov - Trend:

Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov now heads the Supervisory Board of the International Bank of Azerbaijan (IBA), the bank said in a message March 14.

According to the message, the corresponding decision was made at a general meeting of the bank's shareholders.

The new composition of the IBA Supervisory Board includes Azerbaijani Deputy Minister of Finance Emin Huseynov, Deputy Minister of Economy Sahil Babayev, and Khalid Ahadov, who held the position of chairman of the bank’s board earlier.

First Deputy Chairman of the Bank's Board Abbas Ibrahimov will temporarily serve as Chairman of the Board.

The restructuring process of the bank was also discussed during the meeting. The process has almost completed. Moreover, the bank's audit report by an external auditor was approved and a decision was made to close a number of IBA subsidiaries.

Currently, the IBA has two subsidiary banks - in Russia (IBA-Moscow) and Georgia (IBA-Georgia). The bank has recently decided to close IBA-Moscow’s branches in St. Petersburg and Yekaterinburg.

The International Bank of Azerbaijan has been operating since 1992.