No ownership change at Azerbaijani Texnikabank subsidiary

Azerbaijan, Baku, June 26 / Trend A.Akhundov / The International Bank of Azerbaijan (IBA) has denied reports of a possible acquisition by its subsidiary, International Insurance Company (IIC), of shares of a local insurance company Alfa Sıgorta. A 100 per cent stake in Alfa Sıgorta is owned by Azerbaijani Texnikabank, which after a change of management is led by experts from the IBA. Chairman of the IBA board Jahangir Hajiyev told reporters on Monday that information on the acquisition by IIC of Alfa Sıgorta shares is not true. "Despite the fact that the support experts from IBA did, at the invitation of Texnikabank shareholders move there, ICC and Alfa Sıgorta remain separate companies," Hajiyev said. He said that in the short term the situation in has Texnikabank stabilised and the bank achieved significant success. The new Azerbaijani Texnika Bank supervisory board was approved on June 11. Rovshan Ismailov, who previously held the position of chief financial officer at IBA, became the new head of the supervisory board of the bank. The new composition of the bank's board, consisting of five members was approved in May. Ulvi Mansurov was appointed chairman of the Management Board.