The International Bank of Azerbaijan announced after a shareholders meeting on Wednesday that the bank's financial statements for 2013 were approved by an external auditor.

The meeting also renewed the terms of some members of the Supervisory Board and the Audit Committee and elected new members, while the shareholders agreed to increase authorized capital.

Headquartered in Baku, the state-controlled bank has 36 branches and 95 service outlets in more than 40 cities in the country.

Founded in January 1992, the IBA currently has the largest asset scope, customer base and international business of all banks in the South Caucasus region, with more than 30,000 corporate and 400,000 individual customers.