According to him, the government knows that all banks must be privatized and only bank that has not yet been privatized is IBA. On the other hand, the government also has some functions that they can be fulfilled by state bank: “For example, Eximbanks”. Such banks operate in the most of developed countries, as well as in the US and Japan.
Akhundov noted that in the face of lasting crisis in the whole world, Azerbaijan’s banking system is in normal situation: “IBA also eliminates the difficulties created some years ago and it has no problem. However, we are thinking about privatization of IBA. We’ll privatize it, but will consider how to use state equity”.
He also did not exclude a variant on having “25%+1 equity” which allows deciding vote to pass decisions: “But, it depends on talks”.
Akhundov mentioned that the government did not determine concrete time frame on privatization of IBA: “Firstly, there is no need to accelerate the process. The second is that such point can make the talks hard. We can change to pledge of that time”.