January 10, 2018 / 3:31 PM / 7 months ago

International Bank of Azerbaijan says its assets fell 29 pct y/y in 2017

BAKU, Jan 10 (Reuters) - The International Bank of Azerbaijan (IBA) said on Wednesday its assets declined by 28.9 percent year-on-year to 8.69 billion manats ($5.1 billion) in 2017.

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 said on Wednesday its obligations reached 7.75 billion manats, its loan portfolio was 1.8 billion manats and its deposit portfolio was 1.5 billion manats.

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

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