First preparations for privatization of Azerbaijan's biggest bank complete
Azerbaijan, Baku, Dec. 28 /Trend/
Consultant on the privatization of the International Bank of Azerbaijan (IBA) has completed the first stage of preparations for privatization of state share in authorized capital of the country's largest bank, bank's statement said on Wednesday
The consortium consists of a limited liability company PricewaterhouseCoopers Audit Azerbaijan (PwC) and Salans UK juridical firm
The consortium, in close cooperation with the working group established in the bank completed its work on analysis of financial and legal matters; analysis of the country's banking legislation and preparation of proposals on optimization of existing legislation for the IBA privatization, analysis of financial and banking sectors of Azerbaijan and development of recommendations for the long-term development of the Bank and increase of its competitiveness, the statement added.
Under the preparatory stage both the consortium and the government will decide on the basic provisions and principles of the privatization strategy and the range of the bank value, on the optimal price of the future deal, privatized stake and conditions of sale.
Within the second stage, the project preparation of the necessary documentation for the privatization of the bank and the final determination of the list of potential buyers will be carried out. The final stage will be the process of registration bank's privatized shares sale. According to the schedule, the privatization deals will be completed by mid-2012.
The International Bank of Azerbaijan's main shareholder is the Azerbaijani government, which owns 50.2 percent of the shares. About 49.8 per cent is owned by individuals and legal entities (including banks).