Finance Minister: privatization of IBA not expected by end of year
Baku, Azerbaijan, May 17
By Sara Israfilbayova – Trend:
Privatization of the International Bank of Azerbaijan (IBA) is not expected by the end of the year, Minister of Finance of Azerbaijan Samir Sharifov told reporters during a meeting of the US-Azerbaijan Economic Partnership Committee in Baku, Trend reports.
Sharifov noted that progress is yet to be made in this direction.
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.