An extraordinary general meeting of shareholders of OJSC International Bank of Azerbaijan (IBA) is scheduled for January 10. They will discuss the removal of Elmar Mammadov from the post of Chairman of the Board and the election of a new person to the position.
Elmar Mammadov was elected to the post in July 2015. On 9 December the first extraordinary meeting of the Supervisory Board dismissed him from the post of Chairman of the Board. The position of Acting Chairman of IBA was entrusted to Khalid Asadov.
In July 2015, the Government launched the IBA recovery with a view to its privatization. Toxic assets totaling AZN 5.6 billion were transferred to the management of the state-run JSC Non-bank Credit Organization Aqrarkredit. The bank received net cash in approximately the same amount from the state.
IBA has 1,774 shareholders, including 15 legal entities. The State represented by the Ministry of Finance owns 54.96% and CJSC Aqrarkredit owns 27.26% of its shares. ------08D
Economics
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