Preparations for privatization of International Bank of Azerbaijan concluded

The consultant on privatization of the International Bank of Azerbaijan has concluded work on preparing the first stage of privatizing the state share of the charter capital of the country’s largest bank, Trend reports.

The consortium consists of Pricewaterhouse Coopers Audit Azerbaijan Ltd. (PwC) and the Salans UK Company. The consortium has concluded analysis of the bank’s financial and legal issues.

The consortium and the government are to determine the strategy and principles for privatization, set the optimal price and conditions of sales as part of the first stage.

The second stage involves preparations of documents for privatization and determination of terms for potential purchasers. The final stage of privatization involves the process of formalizing the process of privatization. The process is to end in mid-2012.

The International Bank of Azerbaijan is a semi-state-owned bank. The Azerbaijani government holds 50.2% of shares, 49.8% belong to individuals and legal bodies (including banks).