International Bank of Azerbaijan Represents Threat to Entire Banking Sector - Rufat Aslanli
Our goal is to finish the preparatory process for the privatization of the International Bank of Azerbaijan. This was said by the head of the Financial Markets Supervision House (FMSH) Board of Directors Rufat Aslanli at the Banking Forum in Baku.
According to him, due to the fact that the bank is state-run, FMSH maintains intensive communication with the Ministry of Finance.
He said the goal of FMSH is to bring this bank to a manageable size. “Irrespective of whether the investor is private or public, foreign or local, we consider the existence of the bank which owns 40% of the sector a threat to the stability of the entire sector. In the future, even if some well-known foreign bank rated AAA owns IBA, it should be reduced to levels that will not be threat to the banking sector. In this regard, we have a consensus between the government and the bank management,” Aslanli said. ----71D
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