of July 15, 2015 No. 570
About improvement measures in connection with preparation for privatization of the stocks of International Bank of Azerbaijan Open joint stock company owned by the state
In the Azerbaijan Republic ensuring access to financial banking services of the population and entrepreneurs and development of bank system of the country steadily is in the center of attention. During transition to market economy important actions for deepening of reforms in this sphere, to increase in capacity of credit institutions on financial intermediation and strengthening of the competition were performed, including the large volume of the works aimed at the development, capitalization and strengthening of financial stability of joint stock company "International bank of Azerbaijan which controlling stock the state owns was done.
JSC International Bank of Azerbaijan, being large bank of the country of system value on the financial performance, plays significant role in implementation of calculations and social payments, rendering banking services to the population of wide range, issue to entrepreneurs of the credits. For the purpose of preserving financial stability of JSC International Bank of Azerbaijan, continuous accomplishment of obligations and calculations, in particular elimination of negative impact on financial position of bank of global financial crisis of 2008-2009 the relevant state bodies gave to bank continued support, liquidity and the capital of bank were kept at the required level, the bank remained the reliable partner for local and foreign creditors.
However, the defects allowed in recent years in management and investment credit policy of bank including financing of ineffective risk investment projects, became the reason of deterioration in financial position of bank, growth of share of troubled assets and narrowings of liquidity. With respect thereto for elimination of the current situation, recovery of financial position and ensuring stability of bank, need for transfer of troubled assets of bank to specialized structure appeared.
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