Elmar Mammadov Elected Head of IBA

Elmar Mammadov has been elected Chairman of the Board of OJSC International Bank of Azerbaijan.

He was elected for 4 years by the Extraordinary General Meeting of Shareholders, which was held on July 22 according to IBA.

The meeting also discussed three questions about the composition of the Supervisory Board and the Management Board, and changing the form of shares of IBA.

The agenda of the meeting was ordained by the decree of Azerbaijani President dated 15 July, regarding measures to improve IBA and preparation for privatization of the state share in it.

According to the decision of the meeting, the Supervisory Board was reduced from 7 to 5 members.

Ulvi Mansurov and Murad Shiraliyev became new Vice-Chairmen.

A decision was taken on the transfer of shares of IBA into a book-entry form in accordance with the requirements of the law on the securities market.

Mammadov as Chairman replaced Jahangir Hajiyev, who formally resigned for health reasons. However, the main problem is, according to unofficial data, with many billions in bad loans.

48-year-old Mammadov headed Capital Bank in 2009-2014 and since December 2014 he headed AzerTurk Bank. -0-