The International Bank of Azerbaijan (IBA), the country’s largest bank, is undertaking a $3.3 billion debt restructuring.
“I was there last week, we spoke to the Azerbaijani president Ilham Aliyev, we said we would be happy to help in restructuring and refocusing of this bank,” Chakrabarti said.
He added that the key for the EBRD to seriously consider becoming a shareholder in IBA would be a “corporate governance reform” at the bank. The EBRD was unlikely to become a shareholder with IBA as early as this year.
“It’s very unlikely this year – they need to go through the restructuring process. We said: lets see how you go and we are happy to be involved at a technical assistance level but for the equity stake we really have to see how things have been changing.”