Finance

Finance

International Bank of Azerbaijan raises par value of shares

28 October 2009 16:38 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. International Bank of Azerbaijan (IBA) has increased the parl value of its shares by 20% to 24 kopecks after a decision taken at an extraordinary meeting of shareholders.

The meeting, presided by the Minister of Finance Samir Sharifov, also made decisions regarding the composition of the Supervisory Board and Audit Committee, and the bank’s profit in the third quarter.

According to the decision, AZN 40 million of the profit was directed to the share capital by increasing the par value of shares.

The payment of dividends will be discussed on the results at the yearned.

As Azerbaijanâ€™s and the regionâ€™s largest bank, the International Bank of Azerbaijan with a governmentâ€™s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).
The bank operates 37 branches, 587 ATMs, 63 information kiosks and 2 717 POS-terminals.