Baku, Azerbaijan, Oct. 30
By Azad Hasanli, Anvar Mammadov – Trend:
The question regarding the ownership in the International Bank of Azerbaijan (IBA) after the completion of the privatization process remains open, Chairman of the IBA Management Board Khalid Ahadov told Trend.
“The fact is that after IBA’s financial rehabilitation, advisors for privatization will be hired, who will form the strategy of the privatization process, investment strategy,” he said.
Ahadov noted that the consultant attracted by the Azerbaijani government will prepare a strategy for the bank’s privatization, and only then it will be known whether the bank’s shares will be sold completely or partially.
It is planned to put IBA up for privatization in 2018, according to him.
“At the moment, final measures are being implemented for the bank’s financial rehabilitation. We hope that these processes will come to their logical conclusion soon.”
“Then audit of the bank will be conducted. The privatization process will begin when the audit confirms that the bank is rehabilitated and financially stable. This will be the beginning of the privatization process,” Ahadov added.
On July 15, 2015, President of Azerbaijan Ilham Aliyev signed a decree on rehabilitation measures related to preparations for privatizing the state-owned shares of the International Bank of Azerbaijan OJSC.
In order to restore the bank’s financial position, its distressed assets were transferred to Aqrarkredit CJSC, a state-owned non-bank credit organization. Aqrarkredit CJSC provides the IBA with liquid assets in exchange for distressed assets.
Restructuring of IBA’s foreign liabilities has already been completed.
The International Bank of Azerbaijan has been operating since 1992. Ninety-five percent of its shares belong to the government.