Close photo mode

    International Bank of Azerbaijan uses Kazakhstan’s experience

    Losses of IBA’s creditors may exceed 20%

    Baku. 18 May. REPORT.AZ/ Lazard Freres and White & Case LLP consulting and asset management company, who provides consulting services to the International Bank of Azerbaijan (IBA), earlier provided similar services to Kazakhstani bank “BTA”. 

    Report informs referring to Bloomberg, in 2010 this company reached agreement with 92% of creditors of BTA while restructuring $16.7 bln debt of the bank. Later, BTA announced bankruptcy for the second time and was purchased by Kazkommertsbank. But negative impact of BTA’s nonperforming loans on Kazkommertsbank’s financial status forced it to ask for KZT 2.4 trl ($7.7 bln) from Central Bank.

    The agency reports that Azerbaijani side will seek consensus in London meeting with IBA creditors on May 23. Thus, London-based Bluebay Asset Management financial company’s expert on developing markets Timothy Ash believes that Azerbaijan needs to access international financial and capital market more than Kazakhstan once needed.

    Notably, on May 15, Moody’s international rating agency downgraded IBA’s credit rating to Caa3. The agency told that losses of creditors may exceed 20% as a result of restructuring. 

    If you find out orphographic mistake in the text, please select mistaken part of the text and press Ctrl + Enter.

    Last added

    At least one category must be selected

    All news

    Orphus sistemi