In accordance with the decree of Azerbaijani President on normalization of International Bank of Azerbaijan, the measures to rehabilitate the bank are in the final stage, CEO of the Financial Markets Supervisory Authority (FIMSA) Ibrahim Alishov said at the second Banking Forum “Adaptation of the banking system to the new development period” held by Azerbaijan Banks Association (ABA).
According to him, AZN 4.3 billion toxic assets were removed from bank’s balance sheet during this year: ‘Consequently, reduction of dominant share of the bank was one of the objectives of the FIMSA for diversification of sector. After these processes, bank’s share in the sector fell from 41% to 27%, that’s from AZN 13 billion to AZN 7 billion’.
Alishov said that the IBA will be put up for privatization in 2018.
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