Khalid Ahadov: IBA’s restructuring plan is 90% completed - EXCLUSIVE

Khalid Ahadov: IBA’s restructuring plan is 90% completed - EXCLUSIVE
  • Clock-gray 08:53
  • calendar-gray 13 February 2018

International Bank of Azerbaijan’s restructuring plan was almost completed, chairman of bank’s Management Board Khalid Ahadov told APA-Economics.

 

According to him, the issue on bank’s position on open currency will be solved in the first quarter of this year.

 

‘Restructuring plan of the bank has been 90% completed. The bank is healthy and we’re working on business strategy for next three years’, Ahadov added.

 

As for privatization of the bank, Ahadov said that works on preparation for privatization are underway: ‘As you know, the main owner of the bank is Azerbaijan state. 95% of bank is owned by Agrarcredit. Decision on privatization is not made by management. We are now working on preparation for privatization. There are measures to be taken for this purpose. The bank should have investment story, views on capital market, business model and strategy’.

 

Ahadov also clarified issue on London court’s decision about Sberbank: ‘This is commercial dispute. 95% of our creditors has supported restructuring plan. Other 5% is trying to protect their interests. This is a commercial dispute. Any bank has such disputes with its customers or creditors. This is normal. This process may last for years’. 

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