Baku, Azerbaijan, May 30
By Anvar Mammadov – Trend:
Restructuring of external debt of the International Bank of Azerbaijan (IBA) will contribute to the bank’s rehabilitation, said Rufat Aslanli, chairman of the board of directors at Azerbaijan’s Financial Market Supervisory Authority (FIMSA).
He was addressing a conference titled “Economic Reforms: Achieved Results and Recommendations” in Baku on May 30.
“In case of successful completion, restructuring of the IBA’s external debt will lead to rehabilitation of the bank, sufficient liquidity and positive cash flow,” Aslanli said.
This will allow starting the process of the bank’s privatization and increasing its market value, according to him.
Earlier, the IBA commenced a process of voluntary debt restructuring as part of its rehabilitation.
The bank’s total debt to foreign creditors is $3.3 billion.
The International Bank of Azerbaijan has been operating since 1992 and is one of the country’s two state-owned banks.