(R)Amrahbank’s general meeting of shareholders and supervisory board meeting held in Baku

<font color=red>(R)</font>Amrahbank’s general meeting of shareholders and supervisory board meeting held  in Baku
# 21 April 2009 12:32 (UTC +04:00)
General Metting meeting was attended by Yunis Ildirimzade, Amrah Ildirimzade and Khalig Ildirimzade as well as representatives of the foreign shareholder International Investment Bank (i.e Aabed Al Zeera and Mohamed Hadi Mejai). Resolutions of the General Meeting inlcude:

- increase of the share capital by 5.1m AZN
- appointment of the Audit Commettee members: Ikram Humbatov (Chairman of the Audit Committee, Amrahbank) Ahmed Kerimov (Head of Risk Management and Internal Control, Azercell), Mazar Jalal (Asset Management, International Investment Bank)
- approval of the new mission and vision of the Bank

Supervisory Board Meeting was attended by Yunis Ildirimzade (Chairman), Aabed Al Zeera (Vice Chairman), Elnur Amikishiyev, Kamal Mamedzade and Mohammed Hadi Mejai. Among others, the board appoved the following resolutions:

- new strategic plan
- annual budget of 2009
- appointment members of Internal commettee

Finacial Director of Amrahbank Fazil Huseynov reported the following key financial results as at 31 December 2008:

- Net profit of 3.4m AZN
- Total equity of 21.8m AZN
- Total assets of 62.4m AZN

Amrahbank is one of the oldest (est 1993) and leading commercial banks of Azerbaijan. It offers wide range of retail and corporate banking products such as deposits, loans, money transfers, documentary transactions, investment advisory and etc. Amrahbank is one of the most profitable banks of Azerbaijan (ie top 3 in terms of Return on Equity - 31 Dec 2008) and has one of the largest branch networks across different regions of Azerbaijan (top 8 in terms of branch network – 31 dec 2008). The Bank is a member of various professional organisations such as Deposit Insurance Fund, Mortgage Fund, The National Business Assistance Fund, Azerbaijan Banks Association, and etc. Recent strategic partnership with International Investment Bank based in Bahrain (through 49% shareholding), has been playing a key role in further developing many areas of Amrahbank such as corporate governance, international cooperation, array and quality of products & services, etc.