Management of Azerbaijani state-owned banks changes

Baku. 8 December. REPORT.AZ/ Chairman of the Managerial Board (MB) of the International Bank of Azerbaijan (IBA) OJSC, Elmar Mammadov was dismissed.

Report informs citing banking circles.

According to information, chairmanship at the IBA was entrusted to Khalid Ahadov, the Acting Chairman of the "Azer-Türk Bank" MB.

A member of the bank's MB, Orkhan Huseynov was appointed as the Acting Chairman of the "Azer-Türk Bank".

Notably, the IBA was founded in 1992. Its authorized capital is 641 287 247.85 AZN. 54.96% of the shares owned by the Ministry of Finance acting on behalf of the Azerbaijani government, 27.26% - "Aqrarkredit” CJSC, 17.78% - non-state-owned enterprises and private shareholders.

Azer-Turk Bank was established in 1995. The bank's authorized capital is 50 million AZN. The shareholders of the bank are the State Committee for Property Affairs (on behalf of the Government of Azerbaijan, 75%), Zıraat Bankası (12,37%), Zıraat Bank International (1,08%), AzRe Reinsurance (6,55%), Gala Hayat Insurance (5 %).