Board of International Bank of Azerbaijan reshuffles

Baku. 14 March. REPORT.AZ/ The next general meeting of shareholders of the International Bank of Azerbaijan (IBA) was held today.

Report informs, 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.

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 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 the new members of the Bank’s Supervisory Board.

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

Also appropriate 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.