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Moody's: Azerbaijani International Bank's restructured assets amount to 15B AZN (UPDATE)

Business Materials 24 May 2018 20:13 (UTC +04:00)

Details added (first version posted on 11:08)

Baku, Azerbaijan, May 24

By Anvar Mammadov - Trend:

The amount of the Azerbaijani International Bank's assets restructured up until now has reached about 15 billion manats, Moody's international ratings agency’s expert Petr Paklin said at an annual summit in Baku May 24.

"Until now, the country’s government has restructured IBA’s toxic assets worth 14.7 billion manats,” he said. “This action has positively impacted the country’s entire banking sector, which is a positive trend."

The IBA has been operating since 1992. The bank has been at the stage of recovery since July 2015, which is related to preparations for privatization of the bank's state-owned shares.

To restore the bank's financial position, the distressed assets of the bank were transferred to the state-owned Aqrarkredit non-bank credit organization. Aqrarkredit provides IBA with liquid assets in exchange for distressed assets.

Restructuring of IBA’s foreign liabilities has been recently completed.

(1.7 manats = $1 on May 24)

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