Giant Azerbaijani bank opens subsidiary company in Arabic countries
Azerbaijan, Baku, Jul.21 / Trend U.Ismayilova /
The International Bank of Azerbaijan will open a subsidiary company in Qatar, Chairman of the Company Board Jahangir Hajiyev said on July 21.
At present the sides discuss an issue of license, Hajiyev said.
According to Hajiyev, there are four categories for licensing, ranging from representation to full licensing to conduct banking activities in Qatar.
We intend to immediately obtain a license for the subsidiary company, Hajiyev added.
According to Hajiyev, authorized capital of the company will be determined in the amount of $250,000 to $10 million.
Currently we are engaged in preparing relevant documents, which are likely to be considered by Price Waterhouse Company, Hajiyev added.
The subsidiary bank in Qatar will be the 3rd subsidiary bank of the International Bank of Azerbaijan financial group. The first bank IBA-Moscow launched its activity in 2002. At present this is a financial institution with 12 offices and branches in Moscow, St. Petersburg and Yekaterinburg. IBA established its second subsidiary bank outside Azerbaijan IBA-Georgia in 2006.
On July 21, the official exchange rate is 0.8041 manat to $1.
Do you have any feedback? Contact our journalist at: [email protected]