OREANDA-NEWS. October 01, 2008. The International Bank of Azerbaijan (IBA) plans to establish a subsidiary bank in Qatar. According to information of APA-Economics, this was known from Mr. Jahangir Hajiyev, Chairman of the Board of IBA.

Accroding to J. Hajiyev, currently Rovshan Kerimov Deputy Chairman of the IBA Board is in Qatar on business trip holding negotiations on the subject matter.
 
"Besides, until the end October of the current year we plan opening of the IBA representative office in Dubay (United Arab Emirates), for which we will obtain the license for transformation into subsidiary bank at later date" - J. Hajiyev informed.

J. Hajiyev has also noted that IBA plans to open its representation in New-York (USA) either by the end of current or early next year: "Representation is already registered and we currently look for its office premises".

We shall note that currently the IBA has its subsidiary banks and representations in Moscow, Tbilisi, London, Frankfurt and Luxembourg.

As a reminder, the IBA, which is the largest bank in Azerbaijan and the region, operates since 1992. State (Ministry of Finance) participation in the bank capital is at 50.2%, with other 40% private owned and 10% owned by the bank staff. As of July 1 of this year the assets of the bank were accounted at 3 635,842 mln. manats, credit portfolio at 2 602,101 mln. manats, deposit portfolio at 1 949,376 mln. manats, total capital 270,645 mln. manats, with charter capital of 100 mln. manats.