IBA eyes to increase its authorized capital by nearly $190M

The International Bank of Azerbaijan OJSC (IBA) is starting to place its shares worth 322 million manats (roughly $190 million) through a public offering to increase its authorized capital, Chairman of the Management Board Abbas Ibrahimov said, Report informs.

According to him, priority will be given to small investors during placement.

“For the first time in our country, it will be possible to subscribe to our shares through a mobile application. Besides, soon Azerbaijani citizens will be able to buy and sell on the secondary market through the mobile application,” the chairman noted.

“In recent years, IBA has been growing rapidly. The bank strengthened its capital position, and has been paying dividends to its shareholders for 6 years. Our shareholders received 185 million dividends based on last year's financial results alone. Thus, the annual profitability of shares increased to 15.1%,” Ibrahimov said.