OREANDA-NEWS. May 13, 2013. The International Bank of Azerbaijan (IBA) has completed the process of increasing its share capital by 100 million manat, the official press quoted the bank as saying.

According to the IBA's statement, the placement of 416.7 million shares at a par value of 0.24 manat started on June 4, 2012 and ended on April 11 of this year. 422 transactions were concluded during the placement, bringing 100 million manat.

Following the placement, the IBA's authorized capital rose to 340 million manat.

The assets of the IBA increased by 17.5 per cent per year and, as of January 1, 2013, reached 5.891 billion manat.

IBA credit portfolio increased last year by 22.2 per cent and as of January 1, 2013 amounted to 3.856 billion manat. Loans given to individuals amounted to 436.2 million manat.

IBA was founded in January 1992. It is the largest bank in the country. The main shareholder is the Azerbaijani government which owns 50.2 per cent of shares, whilst 49.8 per cent is owned by private individuals and legal bodies.