IBA entering market of countries of Persian gulf

At the same time, the opening ceremony of the IBA representative office in UAE has recently been held in Dubai.

The opening ceremony was attended by representatives of the government of Emirate, embassies, international organizations, a delegation, including IBA top managers, led by chairman of the board J.Hajiyev.

Special attention should be paid to the fact that IBA first among the foreign banks opened its representative office not in the free economic zone of Dubai but on the common market. This advantage will help the representative office use great opportunities and play a role of the organizer of the financing of multi-profile projects.

In the future the bank plans to transform the representative office in Dubai into its daughter bank.

It should be noted that an office in Luxembourg joined the two oldest offices of the bank in London (functioning since 2002) and Frankfurt-On-Meine (since 2005) in 2008, while on June 31 of this year IBA first among the Azerbaijani banks got a permission of the directors board of the US Federal Reserve System for the opening of an office in New York.

IBA is currently preparing for opening a daughter bank in the international financial zone of Qatar, with the license to be most likely received in 2009. The daughter bank in Qatar will become the third daughter bank of the IBA financial group. The first bank IBA-Moscow started operating in 2002. Today, this is already a financial institution with 12 offices and affiliates in Moscow, Saint-Petersburg and Yekaterinburg, ranking 193th among 1200 Russian banks by the volume of net assets by the information of the rating of the Profile magazine as of September 1 of 2008.

In November of 2006 the National Bank of Azerbaijan founded its second daughter bank beyond Azerbaijan - IBA-Georgia, with a repaid founding capital of GEL 12 mln (about $7 mln).