OREANDA-NEWS. January 26, 2015. In the framework of the World Economic Forum in Davos, Sberbank of Russia and International Bank of Azerbaijan (IBA) have signed a memorandum of understanding and cooperation agreement.

The document was signed by Herman Gref, Chief Executive Officer and Chairman of the Board of Sberbank of Russia, and Jahangir Hajiyev, Chairman of the Board of IBA.

The areas of cooperation specified in the memorandum include participation of the parties in the co-financing of investment projects; the organization of trade financing in Russia and the Republic of Azerbaijan, as well as in third countries, where subsidiaries and branches of the parties are located, and; cooperation in the financial markets.

The International Bank of Azerbaijan (IBA) is the largest bank in Azerbaijan and the region, with assets of nearly USD 12 billion.  IBA is a universal bank with subsidiary banks in Russia and Georgia, and representative offices in London, Frankfurt, Luxembourg, Dubai and New York. It is 50.2 percent state owned.