The government could not cope with the schedule of the privatization of state shares in the Joint Stock Company "International Bank of Azerbaijan", has the third country's banking assets.
In December 2011, it was officially reported that the consulting consortium finalized the first preparatory stage of the project of privatization of the state share in the authorized capital of IBA. The second phase involved the final preparation of the necessary documentation for the privatization of the bank and the final determination of the list of potential buyers. The same stage, which was completed in mid-2012, includes clearance sale stake privatized bank.
The State Committee on Property left without comment the situation surrounding the privatization of the bank.
It is noteworthy that the privatization of the IBA has coincided with the placement of additional issue in the amount of AZN 100 million and bringing the capital to 340 million manat. The Ministry of Finance has paid the government stake in the issue (50.2%). However, since the issue (June 2012) Other shareholders (about 1800 local and foreign legal entities and individuals) refrain from buying at par them to have shares. The fact is that the market value of shares of IBA is today in the range of 19-20 gepiks at par value of 24 gepiks.
They have not yet made public the independent audit opinion on the consolidated balance sheet of IBA in 2011. The auditor's report on the balance sheet of the bank for 2010 was posted on the IBA in August last year.
The consortium of consultants to privatize IBA includes LLC PricewaterhouseCoopers Audit Azerbaijan, Rothschild & CIE and the law firm Salans UK Limited. -08 -
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