Azerbaijani abc.az news agency reports that the IMF mission visiting Baku currently did not avoid the question of privatization of the largest credit institution of the South Caucasus – OJSC International Bank of Azerbaijan (IBA).
IMF mission director for Azerbaijan Raja Almarzoqi has stated that issues relating to IBA privatization are under discussion of this week.”The IBA is the largest bank in Azerbaijan, and we approach to this issue seriously,” Almarzugi said. The results of the mission will be presented tomorrow in Baku.
In turn, IBA chairman of board Jahangir Hajiyev informed last week that the bank’s management is conducting work within the preparation for privatization of public participation (50.2%) – in particular audit reports on IBA activities are being made.
The process of privatization in the banking sector began in Azerbaijan in 1997. Currently, the government keeps its stake in the IBA (50.2%) and non-banking credit organization Aqrar-Kredit (100%).
