BAKU May 11 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)