Azerbaijan, Baku, Oct.29 / Trend I. Khalilova /
The Belarusbank is ready to offer the International Bank of Azerbaijan (IBA) a share in its share capital, Gennady Gospodarik, deputy chairman of Belarusbank told Trend today.
"We announced the sale of 25 percent of minority controlling stake of the bank," Gospodarik said. "We are looking for partners and those who are willing to invest in our shares," he added.
"Within the framework agreement signed between our banks at the third Baku International Conference on the topic "Financial institutions - basis of structural modernization of economies of the CIS member countries" the joint structures may be created, cooperation may be established in many areas of banking and customer service, both in the Belarus and Azerbaijan in the future," Gospodarik said.
The assets of Belarusbank with 99 percent owned by the state now total about $15 billion, an increase over this year from $11.5 billion.As a result, its market share in the banking system of Belarus increased from 41 percent to 43 percent on assets, from 60 percent as of early 2010 up to 71 percent on lending of physical entities and retailer. The authorized capital of Belarusbank is $1,2 billion. At present, it is a leader on the banking market of the country. It ranks second on the authorized capital.
About 50.2 percent of IBA shares are owned by the government and the IBA is the largest and only state-controlled bank in Azerbaijan. With total assets of $4.7 billion, IBA has a dominant position in the banking sector. It stipulates its market share in terms of total banking assets, loans and deposits (44 percent, 47 percent and 43 percent, respectively, as of 2009). The bank plays an important role in implementing state investment and economic policy. It acts as an agent of the government to finance Azerbaijan's large-scale projects of national importance.