The shareholders of Azerbaijan's largest bank, International Bank of Azerbaijan (IBA), have taken a decision to increase the bank's charter capital by 600 million manats ($335 million) to 1.24 billion manats by issuing additional shares, the bank said on Monday.
The state-owned IBA holds 38 percent of Azerbaijan's banking assets. Azeri President Ilham Aliyev bowed to advice from the International Monetary Fund in 2015 and ordered that its balance sheet be cleaned up and the bank sold off. IBA's distressed assets were removed from its balance sheet and transferred to state-owned, non-banking credit
organisation Agrocredit last year. "This capital increase is our next step towards
successful recovery of the IBA," Khalid Ahadov, the IBA's chairman of the board, said in a statement. He added that the bank would "continue reforms aimed at strengthening its capital base."
Azerbaijan has been battling to defend its currency as its economy has come under pressure from a
collapse in global oil prices. ($1=1.79 manats)
The state-owned IBA holds 38 percent of Azerbaijan's banking assets. Azeri President Ilham Aliyev bowed to advice from the International Monetary Fund in 2015 and ordered that its balance sheet be cleaned up and the bank sold off. IBA's distressed assets were removed from its balance sheet and transferred to state-owned, non-banking credit
organisation Agrocredit last year. "This capital increase is our next step towards
successful recovery of the IBA," Khalid Ahadov, the IBA's chairman of the board, said in a statement. He added that the bank would "continue reforms aimed at strengthening its capital base."
Azerbaijan has been battling to defend its currency as its economy has come under pressure from a
collapse in global oil prices. ($1=1.79 manats)
IBA's distressed assets were removed from its balance sheet and transferred to state-owned, non-banking credit
organisation Agrocredit last year. "This capital increase is our next step towards
successful recovery of the IBA," Khalid Ahadov, the IBA's chairman of the board, said in a statement. He added that the bank would "continue reforms aimed at strengthening its capital base." Azerbaijan has been battling to defend its currency as its economy has come under pressure from a
collapse in global oil prices. ($1=1.79 manats)
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