OREANDA-NEWS. July 12, 2011.
Consultant For IBA’s Privatization Selected
A consultant for OJSC International Bank of Azerbaijan’s (IBA) privatization has been selected. A consortium of LLC PricewaterhouseCoopers Audit Azerbaijan (PwC), Rothschild & CIE Company and Azerbaijani office of Salans UK Limited has been selected as the consultant. The consultant will have to evaluate the financial and economic activities of the Bank (audit), define the price and terms of state-owned share; provide legal, technical and financial advice to attract local and foreign legal entities to the privatization. The consultant will make proposals for the prospects of its development, increase of competition in the sector, the correction of national legislation in connection with IBA’s privatization, and evaluate IBA compliance with international standards and norms, reported the press-centre of IBA.

Consultants For IBA’s Privatization To Be Selected Soon; 3 Companies In Race
State Committee on Property Issues has announced a tender for consultations on privatization of state’s stake in OJSC International Bank of Azerbaijan (IBA). On May 3, Deputy Finance Minister of Azerbaijan Azer Bayramov informed that selection of the consultant on privatization of International Bank of Azerbaijan is expected in the nearest future. He said: "At present three leading audit companies - PricewaterhouseCoopers, Ernst & Young and another British company are claiming for privatization consultations. Privatization scheme (for example what parts of the bank will the state exactly own) will depend on the consultant’s recommendations.

This is not fundamental for us as the question is not of control stake and the decision will be made depending on the efficiency of the consultant’s recommendations." The Committee is carrying out the selection. The consultant will have to evaluate the financial and economic activities of the Bank (audit), define the price and terms of state-owned share; provide legal, technical and financial advice to attract local and foreign legal entities to the privatization. In the process of work the consultant on the basis of an analysis of the banking sector should make proposals for the prospects of its development, increase of competition in the sector, the correction of national legislation in connection with the IBA privatization, and evaluate the Bank for compliance with international standards and norms.

Consultations will be given in two stages: submitting proposals for reducing the state-owned share (50.2%) in the Bank’s charter capital by additional issue of shares, the definition of a frames and terms of such a scheme of privatization and definition of the value the remaining, after the first stage of privatization of state-owned share, prices and conditions of sale, preparation of information memorandum and advice on the privatization of this package.

While evaluating the applicants’ bids for consultations, the priority will be given to the following criteria: value of the services to be provided; previous working experience and authority of the bidders in this area; the working plan proposed by the bidder and implementation methods of the working plan; specialization, experience and competence of the proposed working team. The bank guarantee of the tender bid should be at least 2% of the tender value. The tender documents package should be submitted from 10 am till 5 pm on February 24 to the Committee. The tender documents are accepted until April 13. Bids and the tender bids are accepted until April 21. The tender procedure took place on April 22.

OJSC International Bank of Azerbaijan Announces Management Appointments
At the meeting of the Supervisory Board of the OJSC International Bank of Azerbaijan, held on April 13, 2011, a new board was elected for another term. Emil Mustafayev was appointed the first Deputy Chairman of the company, and Vagif Akberov, Rovshan Ismailov and Gubad Huseynov became other Vice-Presidents. The company's board chairman is Jahangir Hajiyev.