IBA expects positive results from restructuring plan (UPDATE)
Details added (first version posted on 12:29)
Baku, Azerbaijan, June 21
By Azad Hasanli – Trend:
The management of the International Bank of Azerbaijan (IBA) expects positive results from the implementation of the restructuring plan, Chairman of the bank’s Board Khalid Ahadov told reporters in Baku June 21.
He recalled that the voting of foreign creditors will end July 18, and technical meetings will start after this.
Ahadov also touched upon the issue of Kazakhstan’s Pension Fund, noting that the restructuring of its debt will be held under the same conditions as for other creditors.
“Our foreign creditors act under the US and the UK legislation, according to which the same conditions are provided for all creditors,” he added. “There can be no double standards.”
Ahadov noted that the IBA’s restructuring plan includes the transfer of toxic assets to the Agrarkredit non-bank credit organization, the removal of foreign liabilities from the balance sheet and the return of investments to the bank’s capital.
“Both our subsidiary banks [IBA-Moscow and IBA-Georgia] have been cleared of toxic assets, they are fairly stable and comply with the regulations of the central banks of the countries they operate in,” he said. “However, the parent bank (IBA) is important for us now. We continue the optimization in the bank.”
“The IBA’s financial recovery, operational improvement and preparation for privatization are the main priorities for us now,” he added. “We attracted reputable companies for all this work.”