Fitch expects more Azerbaijani banks to meet failure in 2017

Baku. 16 March. REPORT.AZ/ Fitch international rating agency expects failure of more Azerbaijani banks in 2017, as well cleaning-up measures in the sector, especially enhancement of assets.

Report informs, Fitch rating agency spread information on Azerbaijan banking sector.

The agency gave negative rating to 5 banks, including the largest bank of Azerbaijan – International Bank of Azerbaijan (IBA) among 8 banks assessed by them. They didn’t rate 10 banks licensed by Central Bank of Azerbaijan (CBA). IBA has received AZN600 mln injection and the asset worth AZN 5 bln is expected to be allocated for currency transactions in the future.

Beside this, in 2016 Azerbaijan banking sector suffered AZN 1.7 bln loss, including AZN 1.3 bln of IBA.