IBA to open representations in Dubai and Luxembourg

Sources from the Bank report that the further transformation of the representations into the affiliates of the Bank is not ruled out.

However, it should be noted that the opening of affiliates of foreign bank has been banned since 1982 in the United Arab Emirates. Therefore, the transformation of the IBA representation into its affiliate will be possible only after the expected lifting of the said ban by the UAE Central Bank.

It should be reminded that the International Bank of Azerbaijan, which is the biggest banking credit organization of Azerbaijan and the region, was founded in 1992.

The state share in the founding capital of the bank makes up 50.2%. The remaining 40% are a private property and 10% belong to the bank officers.

As of October 1 of 2007, the bank's assets made up 2,345.301 million AZN, credit portfolio- 1,280.481 million AZN, deposit portfolio-1,544.505 million AZN, total capital 272.53 million AZN, including founding capital in the amount of 97.938 million AZN.

The affiliates of the bank are already operating in Russia (IBA-Moscow) and Georgia (IBA-Georgia).

The Bank also has representations in London and Frankfurt. Azerbaijan currently accounts for 36 affiliates of the Bank.

/APA/