OREANDA-NEWS. July 3, 2009. Country’s largest bank International Bank of Azerbaijan’s (IBA) resumes the process of foreign borrowing.

Bank’s deputy chairman of board Vagif Akbarov says that the IBA has plans on borrowing finances from foreign markets.

“A week ago we held in London a meeting with world-level investors. Negotiations are under way and we will continue them as a better basis is necessary for co-operation. On the other hand, we continue talks about borrowing of syndicated loans,” he said.

Earlier Bank’s chairman of board Jahangir Hajiyev indicated that the IBA had already repaid at its own expense \\$1 bn of loans raised from world markets, but at the same time did not refuse from further borrowing from world markets as its partners keep on co-operation with it.

About 50% of Azerbaijani banking system’s foreign borrowing falls on the share of the IBA.