Fitch expects more Azerbaijani banks to meet failure in 2017

Thu 16 March 2017 06:54 GMT | 10:54 Local Time

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Fitch international rating agency expects failure of more Azerbaijani banks in 2017, as well cleaning-up measures in the sector, especially enhancement of assets.

Report informs that Fitch rating agency has spread information on Azerbaijan banking sector.

The agency gave negative rating to 5 banks, including the largest bank of Azerbaijan – International Bank of Azerbaijan (IBA) among 8 banks assessed by them. They didn’t rate 10 banks licensed by Central Bank of Azerbaijan (CBA). IBA has received AZN600 mln injection and the asset worth AZN 5 bln is expected to be allocated for currency transactions in the future.

Beside this, in 2016 Azerbaijan banking sector suffered AZN 1.7 bln loss, including AZN 1.3 bln of IBA. 

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