World crisis to expand presence of International Bank of Azerbaijan abroad
Azerbaijan, Baku, Dec. 13/ Trend , I. Khalilova/ "The world crisis did not have a negative impact on plans of the International Bank of Azerbaijan (IBA) to gain access to world markets through opening representative offices and subsidiaries," Jahangir Hajiyev, director of IBA, said.
"On the contrary, the current situation will speed up the process of turning representative offices to banks," Hajiyev said. "IBA's presence in CIS member states in the Persian Gulf states in future is useful for diversification of assets and liabilities and benefiting from advantages."
He said IBA's plans include getting bank license in one of the Persian Gulf states which will take place in 2009.
IBA plans to open subsidiary in the international financial center of Qatar. Talks on this issue still continue and the bank has placed an order in PricewaterHouseCoopers to work out business plan of activities of its subsidiary in Qatar, he said.
At the same time, preparatory work is being carried out to open a subsidiary in this country. IBA subsidiary is expected to be granted restricted bank license.
In Nov, IBA's representative office was opened in Dubai. At the next stage, IBA will be engaged in getting bank license to turn representative office to a subsidiary.
At present, IBA has representative office in Frankfurt ( Germany), London (the United Kingdom) and Luxemburg. Azerbaijani bank can open representative office in the United States until the end of 2008. The U.S. Federal Reserve System gave a positive response to IBA appeal to open a representative office in New York.
IBA's future plans include opening representative offices and subsidiaries in Kazakhstan and Ukraine.
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