IMF expects decision on privatization of biggest Azeri bank in 2012
The International Monetary Fund has said it welcomes the appointment of consultants to develop a strategy on privatizing the International Bank of Azerbaijan (IBA), the country’s biggest bank, and suggested conducting the privatization process in accord with "a clear timetable".
The consortium of PriceWaterhouseCoopers Azerbaijan AUDIT, Salans UK Limited and Rothschild & Cie is a consultant on IBA’s privatization.
"We believe that the privatization plan will be prepared by consultants by mid next year, and based on this, the government will decide on the further privatization of the bank," said Nadeem Ilahi, IMF Mission Chief for Azerbaijan.
"The government will decide on the solution of all issues regarding the privatization of the IBA not earlier than the summer of next year, when the consultants will prepare their strategy," Ilahi told a press conference in Baku Tuesday.
The Azerbaijani government owns 50.2 percent of IBA's stock, while the other 49.8 percent of the shares are held by private stakeholders and legal entities.
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