February 13, 2019 / 10:38 AM / 6 months ago

International Bank of Azerbaijan prepares recovery plan ahead of privatisation

BAKU, Feb 13 (Reuters) - The International Bank of Azerbaijan (IBA) is working with a consultant to prepare a recovery strategy ahead of its privatisation, the head of its supervisory board said.

State-run IBA restructured its $3.3 billion in international debt in 2017 after receiving approval from creditors.

“We are currently working with a well-known international consultant company on a business strategy for a recovery of the International Bank and are going to begin its implementation this year,” Shahmar Movsumov said.

“We can begin the privatisation process only after that.”

IBA said in 2017 its financial recovery was complete and it would be ready for privatisation in 2018, while the European Bank for Reconstruction and Development (EBRD) said it might be interested in buying a stake.

Movsumov said the bank was not in talks with the EBRD over its privatisation.

IBA said last month it would appeal a British court decision backing Russian largest lender Sberbank and asset manager Franklin Templeton relating to its debt restructuring.

IBA says it would lodge an appeal to the UK Supreme Court.

Reporting by Nailia Bagirova; writing by Margarita Antidze; editing by Louise Heavens

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