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International Bank of Azerbaijan

Summary Details:

  • iconCountry Name: Azerbaijan
  • iconS&P Rating: N/A
  • iconMoody's Rating: Ba3
  • iconFitch Rating: BB
  • iconAssets: AZN 9,198,768
  • iconProfits: AZN 25,510
  • iconOwnership: 50.2% Ministry of Finance of Azerbaijan,
    39.63% Individuals,
    10.17% Non-state entities
  • iconDate Modified: Jul-2015

Syndicated Analyses:

U.S. Department of State "2014 Investment Climate Statement - Azerbaijan" 01-Jun-2014:
The International Bank of Azerbaijan (IBA) – founded in 1992 – is the only state-owned bank still operating in Azerbaijan. IBA is the largest bank in Azerbaijan, with roughly one-third of banking sector assets. IBA was partially privatized in 1994 – with the Government of Azerbaijan maintaining a 50.2% controlling stake – but a 1998 presidential decree to completely privatize the bank has not yet been implemented, both for political reasons and issues with the overall health of the bank. Privatization efforts again made little progress in 2013, as officials from IBA and the Central Bank of Azerbaijan (CBA) argued that stability should come before privatization. The CBA made a capital injection of 100 million AZN in March 2012, raising questions about IBA’s stability. The CBA also argues that finding the right private investors for Azerbaijan’s largest bank will take some time. According to the IMF, IBA forms 35 percent of the banking sector in Azerbaijan, so the bank’s future problems would inevitably affect the whole banking sector.
The majority state-owned International Bank of Azerbaijan (IBA) accounts for approximately one-third of the country’s banking assets, but has had problems meeting minimum capital adequacy requirements
Moody's Corporation "Moody's changes outlook on International Bank of Azerbaijan's ratings to positive from stable" 30-Apr-2014:
The outlook change to positive from stable is driven by International Bank of Azerbaijan's continued progress in strengthening its standalone credit profile
The rating action reflects the bank's (1) improved asset quality indicators; (2) strengthened capital base; At the same time, the ratings remain constrained by very high concentration levels in the bank's loan book, its still relatively low core capital level and moderate profitability.
Fitch Ratings "Fitch Downgrades International Bank of Azerbaijan to 'BB', Outlook Stable" 28-Dec-2012:
The downgrade of IBA's IDRs and the revision of its Support Rating Floor reflect the continued track record of quite limited capital support from the Azerbaijan's authorities.
The Central Bank of Azerbaijan's recent provision of AZN100m of subordinated debt followed other incremental capital contributions made to IBA earlier in 2012
Wikileaks Global Intelligence Files "Economic Decision-Making Azerbaijani Style" 16-Mar-2006:
Economic Development Minister Heydar Babayev is the most resistant to the International Monetary Fund and its past efforts to reform the economy, and especially its attempts to privatize the state-owned International Bank of Azerbaijan.

Deposits table:

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