Int’l Bank of Azerbaijan to sell its subsidiaries – chairman
Baku, Azerbaijan, June 21
By Anvar Mammadov – Trend:
The activity of the International Leasing Company, a subsidiary of the International Bank of Azerbaijan (IBA) is unsatisfactory, Chairman of the IBA Management Board Khalid Ahadov told reporters in Baku June 21.
According to him, the company is currently engaged in premiums, it has very few assets and it has ceased to undertake new obligations, he noted.
Touching upon the activity of the bank’s subsidiaries in general, Ahadov said that according to the bank’s restructuring plan, they will be sold.
“As you know, the balance is divided into three parts – assets, liabilities and capital, where payments are specifically provided to subsidiaries. They must be transformed into cash. Thus, according to the restructuring plan, they will be sold before the bank is privatized,” added the chairman.
The International Leasing Company (formerly Joint Leasing) was created in 1999. The company completed the rebranding process in 2016 and changed its name to the International Leasing Company.
This is the biggest leasing company in Azerbaijan. The company’s mission is to provide medium-term financing of assets in all spheres of the Azerbaijani economy.