Azerbaijan not to hurry up in privatization of country's largest bank

Business Materials 28 September 2011 19:35

Azerbaijan, Baku, Sept. 28 /Trend, N.Ismayilova/

The consortium of PriceWaterhouseCoopers Audit Azerbaycan, Salans UK Limited, Rothschild & CIE, which is a consultant on the privatization of the International Bank of Azerbaijan (IBA), will present the initial proposal on this issue by the end of the year, Deputy Finance Minister of Azerbaijan Azer Bayramov told Trend on Wednesday.

"We also wait for proposals from consultants on bank's capitalization. After this, discussions will be held because we believe that we should not hurry in the privatization of the bank," said Bayramov.

IBA board chairman Jahangir Hajiyev told Trend earlier that the IBA will be privatized partially or fully through additional issue of shares, initial public offering or in other way.

In June, the consortium of PriceWaterhouseCoopers Audit Azerbaycan, 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'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.
Official exchange rate on Sept. 28 is 0.7869 AZN/USD.