Governance of International Bank of Azerbaijan is expected to change

Baku. 18 July. REPORT.AZ/ The Supervisory Board (SB) of the International Bank of Azerbaijan (IBA) is expected to change.

Report informs, a member of the Supervisory Board of Mushfig Israfilov can be replaced.

Notably, M.Israfilov represents the Ministry of Finance in the Supervisory Board. Recently, he served as Deputy Chief of the State Insurance Supervision Service (SISS) in the Ministry of Finance. In accordance with the decree of President Ilham Aliyev dated February 3, SISS was abolished, and its powers transferred to the Financial Markets Control Chamber.

As a result, M.Israfilov got laid off, and today he is not an employee of the Ministry of Finance. Therefore, it is possible that he will be replaced by another person in the Supervisory Board of the IBA.

Notably, IBA was founded in 1992. At the end of last year, the authorized capital of IBA amounted to 641,287 mln. AZN. This sum is formed from the face value of 2 375.1 million shares at 0.27AZN each.

54.96% of shares owned by the government of Azerbaijan in representation of the Ministry of Finance, 8.49% - non-governmental organizations, 36.55% - individuals.