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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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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