OREANDA-NEWS. July 05, 2007. “International Bank of Azerbaijan – Moscow” LLC (“IBA-Moscow”) is ongoing policy on its branch network expansion in Russia, reported the press-centre of IBA.

“IBA-Moscow” president Fuad Abdullayev said that currently they are working over expansion of branch network in Moscow, Moscow region, St.Petersbuirg and Yekaterinburg.

“In 2008 we plan to open a branch of our Bank in Nizhny Novgorod. This Russian city is of great interest for us as it accumulates up to 25% of trade turnover with Azerbaijan,” he said.

On June 6, 2007 “IBA-Moscow” received general license of Bank of Russia for bank operations.

Following results of the 2nd quarter of 2007 “IBA-Moscow” charter capital reached 710 million rubles and assets 6 bn rubles. According to rating figures, “IBA-Moscow” ranks 269 on assets and 290 on capital.

Currently manat rate to Russian ruble is 0.0333 manat = 1 ruble.