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Structural changes in Russian subsidiary of Int’l Bank of Azerbaijan

Business Materials 3 April 2018 14:15 (UTC +04:00)
A collegial executive body has been established in the Russian subsidiary of the International Bank of Azerbaijan (IBA-Moscow)
Structural changes in Russian subsidiary of Int’l Bank of Azerbaijan

Baku, Azerbaijan, April 3

By Azad Hasanli - Trend:

A collegial executive body has been established in the Russian subsidiary of the International Bank of Azerbaijan (IBA-Moscow), according to information published on the website of Russia's Corporate Information Disclosure Center (E-disclosure.ru).

The collegial executive body will perform the functions of the bank’s board.

Rafael Abbasov, deputy chairman of the bank’s board, has been appointed a member of the collegial executive body for five years.

In addition, Emin Efendiyev, chairman of the IBA-Moscow board, has left his post. Rafael Abbasov will be acting chairman of the bank’s board.

In March this year, the IBA’s shareholders decided to close the bank’s subsidiaries in Russia and Georgia, which is connected with the preparation for the sale of the bank’s state-owned shares.

In connection with the decision to liquidate the IBA subsidiary in Russia, its branches in Yekaterinburg and St. Petersburg were closed.

The IBA has been operating since 1992. The bank has been at the stage of recovery since July 2015, which is related to preparations for privatization of the bank's state-owned shares.

To restore the bank's financial position, the distressed assets of the bank were transferred to state-owned Aqrarkredit non-bank credit organization. Aqrarkredit provides IBA with liquid assets in exchange for distressed assets.

Restructuring of IBA’s foreign liabilities has been recently completed.

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