International Bank of Azerbaijan Completes Recovery, Sets Up Investment Company

The state-run International Bank of Azerbaijan (IBA) has completed its recovery, plans to set up its own investment company and is preparing for its planned privatisation, the bank’s management board chairman told Reuters. Azeri President Ilham Aliyev ordered in 2015 the privatisation of the oil-rich country’s biggest bank after a clean-up to get rid of distressed assets resulting from poor management, Reuters reported. Two years later IBA proposed a plan to restructure $3.3 billion of its debt, later receiving approval from creditors holding 93.9 percent of the affected debt. The restructuring process has been completed with the support of the government, which holds more than 95.15%. “The bank’s recovery process has been completed and we have already begun to implement the development strategy, which will be run until 2022,” Abbas Ibrahimov told Reuters in an interview. Read more