Azerbaijan's major bank to be privatized after its condition improves - minister

Azerbaijani Finance Minister Samir Sarifov has said that efforts are being made to improve the condition of the International Bank of Azerbaijan (IBA), the country's largest state-owned bank. He said that the bank may be privatized when these efforts succeed.


"Special measures are being taken to ensure that problem loans issued by the International Bank of Azerbaijan are repaid," APA quoted Samir Sarifov as saying in an interview with the Voice of America (VOA).


He said that law-enforcement agencies are taking part in these measures "because in some cases there was fraud and swindle".


"As a result of law-enforcement agencies' involvement, the repayment of about 400m manats (267m dollars) was ensured. The bank is continuing efforts to ensure the repayment of other funds [problem loans]," the minister said.


He added that the IBA may be privatized when the measures succeed.

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