The largest bank in the country - OJSC International Bank of Azerbaijan approved on October 18, four-year vision to increase the share capital in order to maintain the optimum level of growth of bank assets and capital adequacy ratio. At the first stage the decision is to increase the authorized capital to 200 million manats.
The press service of the IBA noted that in the next three years, the share capital will be increased by AZN 100 million annually. Thus, by 2017, the share capital of IBA will reach from 368 million to 868 million manats (about $ 1 billion 60 million).
It is noteworthy that the convening of an extraordinary general meeting of shareholders has not been reported. Minorities complain that they are not invited also to the annual general meetings. The bank has about 1,900 shareholders. The state represented by the Ministry of Finance has control (50.2 %) of the bank .
The last time IBA conducted emission of shares for AZN 100 million in June 2012 , which ended in April this year. The authorized capital of the bank was also upgraded this year from profits in excess of 28 million manat. As a result, the nominal value of the shares of the bank increased from 24 to 26 gepiks (100 gepiks = 1 manat). The market value of the shares of IBA is 18-20 gepiks. In this case, the bank's share capital by 30 June 2013 amounted to 468.2 million manat. - 08D-
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