Azerbaijan, Baku, Aug. 24 /Trend A.Akhundov /
Standard & Poor's Rating Services does not expect that there will be a privatization of Azerbaijan's largest bank - the International Bank of Azerbaijan (IBA) in the near future, the Primary Credit Analyst of S&P Victor Nikolskiy told Trend.
"Till now the investors have been concerned with the issue of privatization of the IBA. We understand that this will not happen in 2013, and is unlikely to happen in the next year," he said.
According to Nikolskiy, the improvement of the situation with capitalization of the IBA increased the stability of the whole system.
"It was somewhat surprising that, for a long time the country's largest bank has not been fulfilling regulator's basic requirements on capitalization," Nikolskiy said.
The International Bank of Azerbaijan was founded in January 1992 and is the largest bank in the country. The bank's main shareholder is the Azerbaijani government, which owns a 50.2 percent share, 49.8 percent of share is owned by private individuals and legal entities.
Currently the authorized capital of the IBA amounts to 368 million manats.
The official exchange rate for August 24, is 0.7844 AZN / USD.