Int’l Bank of Azerbaijan announces restructuring

17:39 - 9.04.2018


April 9, Fineko/abc.az. The first meeting of the new membership of the Supervisory Board of the International Bank of Azerbaijan (IBA) has been held today.

The Bank reports that the meeting participants covered the financial results by the end of the 1st quarter of 2018, the composition and situation of internal committees, organizational structure of the Bank, appointment of two new members to the IBA Board and other issues.

With the support of the Azerbaijani government, the IBA has successfully completed the process of recovery and is now at a new stage of development – the necessary level of its capitalization has been restored, sustainable development and profitability of the Bank ensured. As a result of the taken measures, the IBA completed the 1st quarter of the year with profit. Measures are taken to improve the efficiency of Bank’s activity, introduce modern standards of corporate governance, improve the personnel policy of the Bank, which supports the domestic economy and is a sound and strong financial institution. As continuation of those works, the IBA Supervisory Board approved the composition of the internal banking committees and their new regulations. With the purpose of institutional development and optimization of IBA’s organizational structure in accordance with best practices, a decision was made to create a number of new specialized departments and reorganize the existing structural units.

Bank’s deputy chairman of board Agshin Amirov was appointed a member of board  and chief administrator for risks. Nabi Aliyev was elected a member of board at the Bank and appointed to the post of deputy chairman of board and chief financial officer.

It was stressed that work is underway to prepare a new strategy of the IBA, and that all necessary steps will be taken to achieve those strategic goals and ensure sustainable development of the Bank in accord with international best practices.

 

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