Government increases its stake in the failed bank

Government increases its stake in the failed bank
27 January 2017 - 23:55 Viewed 204 times

The Ministry of Finance of the Republic of Azerbaijan (MOF) has increased the Government’s stake in the International Bank of Azerbaijan (IBA) from 54.96 percent to 76.73 percent, Ministry of Finance reported.

It has resulted from the registration on January 26, 2017 of the latest issue of shares in relation with equity injection of 600 million manats effected by the MOF in December 2016.

MOF also re-affirms Government’s commitment to continue supporting the IBA and implementing measures aimed at improving financial situation of the Bank as envisaged in the Decree of the President of the Republic of Azerbaijan dated July 15th, 2015.

These measures will include, but not limited to completing the buy-out of the remaining non-performing assets of the IBA and providing further capital support to the Bank in 2017 on as needed basis in line with financial statements for 2016.

MOF is working with IBA on the above-mentioned and other measures, details of which will be announced in due course.

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