SOFAZ: Implementation of IBA business strategy to begin this year
Baku, Azerbaijan, Feb. 13
By Azad Hasanli - Trend:
Implementation of the business strategy of the International Bank of Azerbaijan (IBA) will begin this year, executive director of the State Oil Fund of Azerbaijan (SOFAZ), Chairman of the IBA Supervisory Board Shahmar Movsumov told Trend Feb. 13.
He said that the preparation of the business strategy is underway with the involvement of an international consulting company.
The International Bank of Azerbaijan, founded in 1992, is at the stage of recovery since July 2015, which is associated with the preparation for the privatization of state-owned shares of the bank. To restore the bank's financial position, its distressed assets were transferred to the non-bank credit institution Aqrarkredit.
In exchange for distressed assets, the NBCO provides the IBA with liquid funds. At the same time, the restructuring of IBA's foreign obligations has recently been completed. Over 95 percent of the Bank's shares are owned by the government.
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