BAKU, June 11 (Reuters) - The government of Azerbaijan will reduce its stake in the country's largest bank, ABB, to 90% as the bank sells new shares to retail investors, the bank's chief executive, Abbas Ibrahimov, told reporters on Tuesday.

The state now owns a 96.37% stake in the bank, and investors will be able to buy between 100 and 75,000 shares each, meaning an investment of 27 manat to 20,250 manat ($16-$11,900), Ibrahimov said.

The sale will be open to foreign investors under the same conditions, he said. The government does not plan a larger-scale privatisation of the lender in the near future, Ibrahimov said. (Reporting by Nailia Bagirova; Writing by Olzhas Auyezov; Editing by Louise Heavens)