Role of Central Bank, Finance Ministry in privatizing Azerbaijan’s Int’l Bank limited

Azerbaijani President Ilham Aliyev has signed a document amending the decree dated 2015 on measures for the financial rehabilitation of the International Bank of Azerbaijan (IBA) to prepare for the privatization of a state-owned package of shares.

Report informs that these changes will limit the participation of the Finance Ministry and the Central Bank in the IBA privatization process.

In line with the changes, the Ministry of Finance will not prepare a plan for the privatization of Interbank. And the Central Bank, in turn, will not take part in the process of its financial recovery.

In September 2021, President Ilham Aliyev signed a decree on the transfer of the International Bank to the management of the Azerbaijan Investment Holding.

Interbank was established in 1992. Its authorized capital is 1,241,287 manats. 91.4% of the bank's shares belong to the Ministry of Finance, 3.76% - to the State Property Service under the Ministry of Economy, 0.13% - to non-bank credit organization Agrarcredit, 4.71% - to individuals and legal entities.