OREANDA-NEWS. April 15, 2014. The decision has been taken to increase the charter capital of the “International Insurance Company” OJSC by 68.2%.

According to the IIC, the decision was taken by the Supervisory Board of the “International Bank of Azerbaijan” OJSC which is 100% owner of the company.

“The IBA Supervisory Board sanctioned increase of the IIC charter capital by AZN 6 million at the meeting held on April 4. We are grateful to the Ministry of Finances of Azerbaijan for support of the initiative on increase of the Company charter capital. As a result, the IIC charter capital will grow from AZN 8.8 million up to AZN 14.8 million”, - the IIC said.

The IBA is 50.2% owned by the state and the Ministry of Finances is leading in its Supervisory Board.