TODAY.AZ / Business

IBAR plans to step into the Georgian banking sector

25 July 2006 [23:49] - TODAY.AZ
A leading Azerbaijani bank plans to step into the Georgian banking sector, announcing on Monday that it envisages establishing a daughter company in Georgia.

"International Bank of Azerbaijan has a wish to actively participate in Georgia's economic life," the chairman of the bank's management board, Jahangir Hajiyev, said Monday in Tbilisi.

The Azeri government holds more than 50 percent of the bank's shares. At the end of 2005 the bank accounted for 50.9 percent of the activities in the Azeri banking sector, and 61.91 percent of the total deposits of commercial banks. As of April 1, 2006, the bank's assets constituted AZN 1.2 billion, its credit portfolio was AZN 618.5 million, and attracted savings were AZN 214.3 million. One US dollar is worth about 0.9 Azeri New Manat.

"Georgia is ready to cooperate with the leading financial institutions in the region," the president of the National Bank of Georgia, Roman Gotsiridze, said after meeting with the Azeri delegation.

In 2006 the international rating agency Fitch assigned International Bank of Azerbaijan the long-term BB- rating, and short-term B rating.

The bank plans to open offices in Dubai, Turkey, Ukraine and Luxemburg in the near future and is already represented in Germany and the UK.



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