Azerbaijan determines winner of tender to prepare IBA for privatization

Business Materials 11 June 2011 14:38 (UTC +04:00)

Azerbaijan, Baku, June 11 / Trend, N. Ismayilova /

Azerbaijani branch of PriceWaterhouseCoopers Audit Azerbaycan, Salans UK Limited, Rothschild & CIE Consortium has been selected a consultant providing services to the privatization process in the authorized capital of the International Bank of Azerbaijan (IBA), State Property Committee said.

Eralier Ernst&Young and one British audit company gained access to the tender. The Deloitte Company withdrew its bid given that it is the auditor of the IBA.

At present, the auditing company Deloitte is preparing a report on the results of the IBA's activity in 2010.

The IBA ended the first quarter with assets at 4,697.6 million manat compared to 5,527.92 million manat as of late 2010. IBA's main shareholder is the Azerbaijani government, which owns 50.2 percent of the shares; 49.8 percent of shares are owned by private physical and legal entities (including banks).

The official exchange rate is 0.7884 manat to $1 on June 11.