Azerbaijan, Baku / Trend corr. I.Khallilova / The International Bank of Azerbaijan is planning to open representative offices in Luxemburg and New York by the end of 2007, as well as in Dubai in 2008, Jahangir Hajiyev, the chairman of the bank, said on 2 October.
"Moreover, the bank is planning to open daughter companies in a range of countries," Hajiyev said.
In 2008 the IBA is planning to open a daughter bank in Kazakhstan. The IBA has daughter banks in Moscow and Tbilisi. The bank has representative offices in Frankfurt and London.
The opening of daughter enterprises of the bank enables the bank to participate in regional projects. The IBA is financing the construction of the Georgian part of the Baku-Tbilisi-Kars railway.