Azerbaijan, Baku, 28 May / Trend corr. I.Khalilova / The International Bank of Azerbaijan (IBA) is to transform its representative in Luxemburg, has been operating since summer 2007, to a daughter bank, Javanhir Hajiyev, Chairman of the Board of IBA, stated.
Today, IBA has representatives in London, Frankfurt, New York, Dubai, and daughter banks in Moscow and Georgia. The Moscow-based daughter bank will also extend its branches. Currently, IBA-Moscow has branches in St.Petersburg, Yekaterinburg and ten branches are expected to be opened in Moscow.
IBA was established in 1992 as a successor of the Azerbaijani Foreign Economic Bank. IBA takes leading position in the bank sector of the country. The state share in the bank capital totals 50.2% and others were distributed amongst juridical entities and individuals.
The official currency rate on 27 May is 0,8218 AZN/USD
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