Bank told APA-Economics that the meeting focused on discussion of change in Bank’s Supervisory and Management Boards, duties arisen from President’s order on “Health measures related to preparation of International Bank of Azerbaijan’s shares belonging to state for privatization” dated to July 15, 2015.
Existing number of Supervisory Board reduced to 5 from7.
Members of Management Board Emil Mustafayev, Vagif Akberov, Gubad Huseynov and Rashad Hajiyev have been dismissed. New chairman of the Management Board is Elmad Mammad Mammadov, deputy chairmen – Murad Ogtay Shiraliyev and Ulvi Eldar Mansurov.
New Management Board is to elaborate credit policy to take measures related to preparation of International Bank of Azerbaijan’s shares belonging to state for privatization, improvement of bank’s organizational structure and branch network and other issues. Audit Committee is to investigate issues of obeying requirements banking and civil legislation during giving credit, legally assessment of acts of persons, who did not pay attention to revealed shortcomings and bringing them to responsibility.
Along with this, it was decided to change form of IBA’s shares from book-entry form to hard copy.
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