OREANDA-NEWS. October 21, 2010. The country’s largest bank, the International Bank of Azerbaijan (IBA), has not refused expansion in the Persian Gulf states’ markets, despite the global financial crisis.

According to IBA CEO  Jakhangir  Hajiyev, process of opening of  the subsidiary bank continues in Qatar.

“We have already had an office and acquisition of license for the subsidiary bank remains on the agenda. Bureaucratic issues are being resolved now,  although, the economic crisis has delayed  somewhat this process,” J.  Hajiyev said.

In 2009, after negotiations in the Central Bank of Azerbaijan (CBA) and the Qatar Financial Centre (KFC), IBA received consent for opening of its subsidiary bank in Qatar with maximum permit for  operations that supposes payment of its charter capital up to USD 10 million. Then IBA carried out  market assessment and worked out a  business plan with assistance of leading consulting companies of the world.

Over 45% of banking system assets of Azerbaijan falls on the share of IBA.