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IBA Supervisory Board reorganized

14 March 2018 15:20 (UTC +04:00)

The next general meeting of shareholders of the International Bank of Azerbaijan (IBA) was held today.

Finance Minister Samir Sharifov chairing the meeting said that the Bank's recovery and restructuring program has practically completed.

The minister said that the Bank's financial results for 2017 are positive: ‘Undoubtedly, it was impossible to achieve these results without the state support. Bank’s obligations were transferred to the state. Interests of bank’s depositors, legal entities and non-residents were protected by the state. As a result, the credit ratings were upgraded’.

Several decisions were taken at the meeting regarding some changes in the management of the Bank, which had entered the new phase of its activity, and the composition of the Supervisory Board was reorganized. Executive Director of the State Oil Fund of the Republic of Azerbaijan Shahmar Movsumov appointed as the Chairman of Supervisory Board, Deputy Finance Minister Emin Huseynov, Deputy Economy Minister Sahil Babayev and Chairman of the Board of the International Bank of Azerbaijan Khalid Ahadov were appointed as the new members of the Bank’s Supervisory Board.

Acting Chairman of the Bank's Management Board was entrusted to Abbas Ibrahimov, First Deputy Chairman of the Bank’s Managenment Board.

Moreover, relevant audit report issued by an external auditor of the International Bank of Azerbaijan was also approved at the general meeting of shareholders. At the same time, a decision was made to close a number of subsidiaries of the Bank.