Azerbaijani Bank Completes Registration Process to Open First Representation in US

Business Materials 16 September 2008 18:22 (UTC +04:00)

Azerbaijan, Baku, 16 September/ Trend , I. Khalilova/ "The Department for Bank Affairs of New York state has granted registration to International Bank of Azerbaijan (IBA) to open registration in New York," Jahangir Hajiyev, chairman of IBA Board of Directors said.

"A month and half ago, Board of Directors of Federal Reserve System of US registered representation of IBA and registration process in New York ended several days ago. The date of opening of the bank depends on how soon we will find premises for rent," he said.

Representation may be opened by the end of 2008 or at the early 2009, he said.

The work on registration of representation in US took a year which is a big success given the fact that many countries can not get a permission in a short period of time. 

IBA representations abroad will reach four including the office in New York. IBA has representations in Frankfurt (Germany), London (Great Britain) and Luxemburg.

The representation of IBA in New York is expected to serve as a mediator between head office of the bank and financial institutions - bank's partners in US, to defend interests of clients in the States and to attract new customers, to establish mutually favorable relations between American and Azerbaijani business circles.

The official exchange rate for 16 September is 0.8139 AZN/USD.

The correspondent can be contacted at: [email protected]