Home / World / Azerbaijan’s biggest bank raises capital

Azerbaijan’s biggest bank raises capital

Reuters- International Bank of Azerbaijan (IBA), the largest and only state-owned bank in the oil-rich country, said on Thursday it has increased its charter capital to 890 million manats ($848 million) from 200 million manats.

The decision was made at the shareholders’ meeting, the bank said in a statement.

The bank decided to leave undistributed 25.5 million manats of its 64.5 million manats income earned in 2014, it added.

The bank, 50.2 percent owned by Azerbaijan’s Ministry of Finance, holds 35 percent of banking assets in the oil-rich ex-Soviet country.

($1=1.05 manats) (Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Tom Heneghan)