OREANDA-NEWS. On May 30, 2007 Sviaz-Bank entered agreements on joining the BLIZKO instant money transfer system with two of the largest financial institutions of the Republic of Azerbaijan—Kapital Bank Open Joint-Stock Company and International Bank of Azerbaijan Open Joint-Stock Company (IBA), reported the press-centre of  Sviaz-Bank.

According to Sviaz-Bank’s Vice-President Igor Klyuchnikov, “cooperation with Kapital Bank and International Bank of Azerbaijan will make it possible for Sviaz-Bank to significantly enlarge the service network of its own BLIZKO money transfer system in Azerbaijan. This country is one of the main recipients of noncommercial transfers from the Russian Federation: for example, in the 4th quarter of 2006, the volume of transfers exceeded 150 million USD.

Signing agreements with two of Azerbaijan’s leading banks confirms the interest of CIS banks in joining the BLIZKO system and the prospects for its development.”

Kapital Bank and International Bank of Azerbaijan have the most extensive networks of bank branches in the republic.