Baku, Azerbaijan, April 8
By Azad Hasanli - Trend:
The International Bank of Azerbaijan (IBA) plans to start a new business strategy in the second half of the year, executive director of the State Oil Fund of Azerbaijan (SOFAZ), Chairman of the IBA Supervisory Board Shahmar Movsumov told Trend April 8.
“The work continues on developing the business strategy of the IBA,” he said. “It is expected that after detailed study and approval by the relevant management bodies of the bank, the implementation of this strategy will begin.”
At the same time, he noted that it’s still premature to talk about the privatization of the bank.
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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