The site of the "International Bank of Azerbaijan" (IBA) published an interview with the new chairman of the board of this structure Elmar Mammadov. The Bank intends to strengthen its leadership during the financial stability by reducing the resources involved, and interest on loans. "The privatization of the bank is not on the agenda because in the next few years, the main goal of the country's largest credit institution will be its institutional development, strengthening financial stability and greater control over the management of financial resources. Currently the population is worried about the safety of their deposits in the IBA, which is caused by talking about the imminent privatization of the state stake in the bank. On behalf of the Bank I want to state that there is no reason to worry. Today, measures are being taken to improve the health in the run-up to privatization. The main objectives of the new Board of the Bank in the next four years are institutional development," he said. With regard to the transfer of problem assets of the IBA to the management of the CJSC «Aqrarkredit», he noted that it would help to restore the bank's financial position.
"The transfer of bad assets of the bank to specialized body will restore its financial position and ensure its sustainability. This is because at the moment the bank needs a healthy capital to raise additional funds. Withdrawal of bad assets of the bank, with the support of the state and used for the right of an effective mechanism will enable it to attract real financial resources instead of distressed assets," said the head of the bank.
On July 15 this year, the President signed a decree on measures to improve the health, related to the preparation for the privatization of state-owned shares of OJSC "International Bank of Azerbaijan." To resolve the situation and restore the financial position of the bank its bad assets will be transferred to JSC «Aqrarkredit».
By 1 January 2015, the assets of the IBA reached 8.8 billion manat (an increase over the year by 22.7%.) The loan of portfolio of the bank amounted to 5 billion 868 million manat, including 678.5 million manat issued to individuals.
IBA was founded in January 1992. Its main shareholder is the Ministry of Finance of Azerbaijan Republic (51.07% of the securities), other shares are held by various individuals (39.63%) and legal (10.17%) persons. --17D-
Economics
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