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Central Bank chairman talks privatization of leading Azerbaijani bank by gov't

Finance Materials 29 January 2021 18:04
Central Bank chairman talks privatization of leading Azerbaijani bank by gov't

BAKU, Azerbaijan, Jan. 29

By Zeyni Jafarov - Trend:

The issue of privatization of the International Bank of Azerbaijan (IBA) by the government is not a priority in 2021, CBA Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said, Trend reports.

Rustamov made the remark during a press conference on Jan.29.

According to the CBA chairman, the government has no such plans for today. In addition, the International Bank of Azerbaijan is developing at a dynamic pace, and the previous year was completed successfully for it.

Therefore, plans on privatization of the International Bank of Azerbaijan have not yet been considered, Rustamov said.

Rustamov also noted that the IBA is currently implementing a new strategy in the direction of business, adding that the net profit at the end of 2020, despite the reduction, amounted to 129.4 million manat.

The International Bank of Azerbaijan was established in 1992, and the issue of its privatization by the government has been discussed since the end of 1999. The total share of the state in the capital of the IBA reaches 99.66 percent.

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