May 11, 2017 / 2:56 PM / 4 months ago

Azeri's IBA top lender starts proceedings for liabilities restructuring

BAKU, May 11 (Reuters) - The International Bank of Azerbaijan (IBA), the largest bank in the ex-Soviet country, said on Thursday it has started proceedings for voluntary restructuring of its liabilities.

State-owned IBA is now being reorganised after the International Monetary Fund proposal and President Ilham Aliyev’s order to clean up its balance sheet.

“The proceedings for voluntary restructuring of obligations of OJSC International Bank of Azerbaijan were commenced in the Republic of Azerbaijan in accordance with the law of the Republic of Azerbaijan on banks,” the bank said in a statement.

It said that proceedings followed the order of the Nasimi District Court in the capital Baku dated May 4, 2017. (Reporting by Nailia Bagirova; writing by Margarita Antidze; editing by Vladimir Soldatkin)

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