IMF mission head: IBA’s role in finance sector should be reduced
The role of the International Bank of Azerbaijan (IBA), the country’s leading bank, in the domestic finance sector should be reduced, International Monetary Fund (IMF) mission head Nadeem Ilahi says.
"IBA plays a great role in Azerbaijan’s finance sector, which impedes its development," he said.
IBA is the only Azerbaijani bank with state participation. The state-owned share is 50.2 percent.
IBA has a well-developed branch network and provides banking services to large corporate clients and, to a lesser extent, to individuals.
Ilahi also suggested mergers between local small banks. "Since small banks are not competitive, their unification would be useful, but such mergers should be voluntary," he added.
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