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Privatization of IBA to be completed in mid 2012

28 December 2011 08:24 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As a consultant for the privatization of International Bank of Azerbaijan (IBA), a consortium of PricewaterhouseCoopers Audit Azerbaijan and Salans UK companies completed the first preparatory stage of the project of privatization of state shares in authorized capital of the bank.

The press service of the IBA told APA that, in collaboration with a consortium, the working group created in the bank, completed its work on financial and legal matters, analysis of the banking legislation of the country and preparation of proposals for optimization of existing legislation for the purposes of the privatization of the IBA, the analysis of financial and banking sectors of Azerbaijan and the development of recommendations for Long-Term Development Bank and enhance its competitiveness, etc.

As part of the preparatory phase of the consortium, the government will decide on the basic provisions and principles of the privatization strategy and the range value of the bank, determine the optimal price for future transactions, the privatized stake and conditions of sale.

In the second phase of the project, it is considered to prepare the necessary documentation for the privatization of the IBA and the final determination of the list of potential buyers. The final step is the process of registration of the sale of privatized share. The privatization will be completed in mid 2012.