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International Bank of Azerbaijan gets $200 million syndicated loan

International Bank of Azerbaijan gets $200 million syndicated loan
11.11.2016 09:41
 The state-owned International Bank of Azerbaijan said it raised over $200 million in a syndicated loan from international investors to use for corporate and trade-related needs.

The initial target was $150 million, the bank said in a statement on Thursday.

The lead managers were Citibank, Credit Suisse A.G., London Branch, Emirates NBD Capital Ltd and J.P. Morgan.

The IBA holds 38 percent of Azerbaijan's banking assets. Azeri President Ilham Aliyev bowed to advice from the International Monetary Fund last year and ordered that its balance sheet be cleaned up and the bank sold off.

IBA's distressed assets were removed from its balance sheet and their transfer to state-owned, non-banking credit organisation Agrocredit was underway.
Officials say that the bank's privatisation this year is not realistic.

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