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IBA ends first stage of its toxic assets transfer to Aqrarkredit

14 November 2016 10:42 (UTC +04:00)

Baku. Yegana Lachinzade – APA-Economics. The International Bank of Azerbaijan (IBA) has successfully completed the first stage of its toxic assets transfer to Aqrarkredit CJSC, a non-banking credit company, according to the consolidated audit report on the first half of 2016.

The audit was conducted by Deloitte Company.

According to the report, the toxic assets withdrawn from the bank’s balance in the given period amount to AZN 9.930 billion, much of which are foreign currency.

“Discussions are underway to begin the second stage. This process is expected to be finished in the second half of 2016 or the first half of 2017,” reads the report.