Azerbaijani Large Bank Plans to Expand Presence in CIS Market
Azerbaijan, Baku, 23 October /corr. Trend I.Khalilova / International Bank of Azerbaijan plans to open daughter banks in Kazakhstan and Ukraine, Chairman of Board of IBA-MOSCOW, Fuad Abdullayev, said in Baku on 23 October.
Amongst the CIS countries, the Azerbaijani bank already works in the banking markets of Russia and Georgia (although it withdrew from CIS). Currently the IBA expands its presence in the markets of countries of Persian Gulf and plans to open a daughter bank in Qatar.
By the end of October, the IBA plans to officially open a representation in Dubai. After this, the bank will deal with receiving license for banking activity to transform the representation into e daughter company.
By the end of this year, the IBA may open a representation in the USA and already it has been registered in New York. It is planned to be opened this year or in the beginning of the next year.
On 31 July the U.S. Federal Reserve System USA gave a positive response to the appeal of the IBA for opening representation in New York. The representation of IBA in New York will be the mediator between the head office of bank in Baku and the financial partners of the bank in the USA, protect the interests of the existing clients of bank in the USA and attract new clients, contribute to the attraction of investments from the USA to Azerbaijan, and also contribute to the establishment of the mutually advantageous relations between American and Azerbaijani businessmen.
At present the representations IBA function in Frankfurt (Germany), London (Great Britain) and Luxemburg.
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