April 16, 2018 / 12:53 PM / 4 months ago

International Bank of Azerbaijan assets down to $4.9 bln at end March

BAKU, April 16 (Reuters) - The International Bank of Azerbaijan (IBA) said on Monday its assets declined to 8.403 billion manats ($4.9 billion) by March 31 from 8.695 billion manats at the beginning of this year.

The state-run IBA restructured its $3.3 billion in international debt after receiving approval from creditors holding 93.9 percent of the affected debt. The bank said in November its financial recovery was complete and it would be ready for privatisation in 2018.

The bank’s assets fell by 28.9 percent year-on-year to 8.695 billion manats in 2017.

The bank said on Monday its obligations declined to 7.307 billion manats from 7.746 billion on January 1.

$1=1.7 manats Reporting by Nailia Bagirova; writing by Margarita Antidze; editing by Christian Lowe

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