The International Bank of Azerbaijan recently announced that it would be issuing $350-$500 million in eurobonds this year.

The announcement was made by Rashad Hajiyev, the chief financial officer and deputy chairman of the board for the bank, Reuters reports.

"We are ready to get to the international bond market and we'd like to issue debut eurobonds this year," Hajiyev said, according to Reuters. "(It) will be in a range of $350-$500 million and a minimum maturity will be five years."

The funds will be used to increase the bank's capital by $460 million over the next four years. This would increase the bank's capital to $1.1 billion. An unnamed foreign company will be acting as lead manager of the future issue.

Hajiyev also announced that the bank has not considered undergoing privatization in the coming four to five years.

"Our bank will be privatized one day, but it won't happen in the next (four to five) years," Hajiyev said, according to Reuters. "Our state is rich enough and does not need to sell its bank now just to get a profit."

Azerbaijan's Ministry of Finance owns 50.2 percent of the International Bank of Azerbaijan. The bank itself holds 35 percent of banking assets in the country.