The International Bank of Azerbaijan has placed shares by 50 million manats

Yesterday was the deadline for listing the shares of the International Bank of Azerbaijan registered in May 2012 of the total issue of 10 million manat. The bank posted among 34 shareholders shares worth 50,892,700 manat, while leaving many questions.

The fact that, according to the balance sheet of the bank at the beginning of January this year, the paid-up share capital amounted to 303.8 million manat at 340 million manat of the announced size. Moreover, the board of IBA gave media interviews, which noted that the paid-up share capital reached 330 million manats. In other words, the existing shareholders had to pay about 10 million manat. However, it appears from the official report of BSE, which produces offering IBA shareholders acquired a lot more of the issued shares. This is contrary to the requirements of the law, according to which the amount of accommodation must not exceed the declared amount.

Before the issue of the state, represented by the Ministry of Finance, had a 50.2% share in the charter capital of OJSC "International Bank of Azerbaijan." The state paid the owed almost part of the shares, and brought the size of participation in the authorized capital of the bank to 170 million manat. Thus, by the beginning of 2013, the state's share in the bank exceeded 56%.

IBA in terms of assets is the first community bank in Azerbaijan. It has subsidiaries in Russia and Georgia. Net income in the IBA 2012 left 43.4 million manat, which is three times the figure of 2011. According to the prospectus, the number of shareholders exceeds 1,800 individuals and businesses. Prior to placing the issue of foreigners had 7.9% of the share capital of the bank. IBA is in the process of privatization of state-owned shares. - 08B-