Baku: The requirement for the composition of the Supervisory Boards of the ‘International Bank of Azerbaijan’ (IBA) and ‘Azer-Turk Bank’ Open Joint Stock Companies has undergone changes. These banks, which are under the management of the Azerbaijan Investment Holding, are now subject to new supervisory regulations following a decree signed by President Ilham Aliyev, APA reports.

According to Azeri-Press News Agency, the previous mandate for the ‘International Bank of Azerbaijan’ required a Supervisory Board consisting of five members, including a chairman, to oversee the bank’s general management and control. This specific requirement has now been abolished, allowing for a flexible approach to the composition of the Supervisory Board.

Similarly, the stipulation for the Supervisory Board of ‘Azer-Turk Bank’ OJSC to consist of three members, including a chairman, has also been rescinded. The general management and control of the bank will henceforth be conducted by the Supervisory Board without a predetermined number of members.