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. 

News.Az