Major bank to prepare consortium for privatization

Business Materials 3 June 2011 18:28 (UTC +04:00)

Azerbaijan, Baku, June 3 / Trend, N.Ismayilova /

The consortium of PriceWaterhouseCoopers, Salans and Rothschild has been selected as the best consultant providing services to the privatization process in the authorized capital of the International Bank of Azerbaijan (IBA), IBA board chairman Jahangir Hajiyev told
Trend on Friday.

"They will act as advisor and consultant for the IBA's privatization, and the bank's privatization draft will be developed on the results of their activities," Hajiyev said.

He said the IBA will be privatized partially or fully through additional issue of shares, initial public offering or in other way.

It is expected that by late 2011 the consultants will prepare a plan of the bank's privatization, Hajiyev underscored.

PriceWaterhouseCoopers, Ernst&Young and one British audit company will participate in the tender.