OREANDA-NEWS. August 19, 2008. According to the press-service of the International Bank of Azerbaijan (IBA), the US Federal Reserve Board answered in the affirmative to IBA's application with regard to opening its representative office in New York.

Thus, more than a year-long intensive work of IBA on incorporation of its representative office in the United States has been successfully accomplished.

According to the information given by the Bank currently, the appropriate permissions are also expected to be obtained from the Department of Banks of the State of New York, following which the representative office can officially start its operation.

Taking into account the New York office, the number of representative offices of IBA outside the country will reach four. The present day, the representative offices actively operate in Frankfurt (Germany) and London (Great Britain), as well as in Luxembourg, where the office has begun its operation fairly recently. The work on incorporation of the Bank's representative office in Dubai (United Arab Emirates) is also close to completion.

The representative office of IBA in New York is to serve as the intermediary between the head office of the Bank in Baku and the financial institutes-partners of the Bank in the USA, protect the interests of the Bank's current clients in the USA and attract the new ones, promote the attraction of investments from the USA to Azerbaijan, and also facilitate in establishing the mutually beneficial relations between the American and Azerbaijani business communities.