Azerbaijan, Baku, Dec. 14 / Trend A. Akhundov /
The Supervisory Board of the International Bank of Azerbaijan (IBA) will make a decision on the capitalization of the International Insurance Company (a subsidiary of the bank) in 2013, Chairman of the bank's Supervisory Board, Deputy Finance Minister Azer Bayramov told Trend today. IBA is the largest bank in the country. The Azerbaijani government owns 50.2% of the shares.
"We will examine the company's financial indices as of 2012 and make a decision on capitalization," Bayramov said.
Earlier IBA Chairman of Board Jahangir Hajiyev told Trend that the board decided to increase the authorized capital of the insurance company to the amount of six million Manat more than six months ago. At present, the paid-up authorized capital of the insurance company is 8.8 million Manat.
"We have repeatedly appealed to our shareholders about increasing the authorized capital of the International Insurance Company," he said. "We need the permission of the Supervisory Board. We await the decision of the main shareholder of the bank, as the current level of capital hinders the activity and business of the company."
The official exchange rate is 0,7849 AZN/USD on Dec. 14.
