NDC Appeals to IBA Shareholders

The National Depository Center (NDC) addressed to the shareholders of OJSC International Bank of Azerbaijan with the requirement to identify the personal data in the depository system and the register of shareholders.

The shareholders are given a month to provide the necessary documents.

NDC provides depositary services and stores registers of about 2,000 issuers of securities. IBA became a client of NDC at the end of 2015 in connection with the entry into force of the Law of Azerbaijan “On the Securities Market.” According to this document, NDC received the status of a central depositary in Azerbaijan and only it can provide depositary services to the Central Bank in the territory of Azerbaijan. Prior to that, a private Corporate Trust Agency Ltd. performed the depositary and registrar services for IBA.

According to the latest annual report promulgated by the issuer, IBA has 1,762 individual shareholders and 15 as legal entities. The state represented by the Ministry of Finance and the non-bank lending agency Agrarkredit own 82.22% of its shares. In circulation there are 2,275,137,955 shares of AZN 0.27 in the face value.

It is noteworthy that NDC appealed only to the shareholders of IBA, although a similar problem exists in nearly all the JSCs privatized through corporatization. For many of them the passport data have not changed over the past 15-18 years.

NDC provides paid services, while at the same time it is not considered a commercial entity. The founder of NDC is a public entity - the Financial Markets Supervision House.

NDC has not published financial reports since the fiscal year 2012.  ----08B