International Bank of Azerbaijan Prepares Recovery Plan Ahead of Privatisation

The International Bank of Azerbaijan (IBA) is working with a consultant to prepare a recovery strategy ahead of its privatisation, the head of its supervisory board said. State-run IBA restructured its $3.3 billion in international debt in 2017 after receiving approval from creditors, Reuters reported. “We are currently working with a well-known international consultant company on a business strategy for a recovery of the International Bank and are going to begin its implementation this year,” Shahmar Movsumov said. “We can begin the privatisation process only after that.” IBA said in 2017 its financial recovery was complete and it would be ready for privatisation in 2018, while the European Bank for Reconstruction and Development (EBRD) said it might be interested in buying a stake. Movsumov said the bank was not in talks with the EBRD over its privatisation. Read more