Azerbaijani, Russian banks sign memorandum
Azerbaijan, Baku, Sept. 6 /Trend/
Sberbank Russia and the International Bank of Azerbaijan (IBA) signed a memorandum of understanding last week in Moscow.
The document will open new opportunities for the banks to cooperate in increasing Azerbaijan-Russia trade turnover, production loans, and real estate development. It will also facilitate cooperation in projects based on private-public partnership, organizational and financial analysis and joint macroeconomic, legal, financial and credit data studies. The memorandum was signed during Russian President Dmitry Medvedev's visit to Azerbaijan.
Sberbank is the largest bank in the CIS. Its assets are more than a quarter of the Russian banking system (27 percent), while its share of banking capital reached 26 percent as of June 1.
According to the The Banker magazine, Sberbank is the forty-third largest bank in the world in terms of core capital.
The IBA's subsidiary, IBA-Moscow, has created a network including offices in Moscow and branches in St. Petersburg and Yekaterinburg.
The IBA is the most capitalized bank in Azerbaijan. Its authorized capital is 240 million manat. As of July 1, its balance sheet amounted to 627.7 million manat.
The bank's income in the first half of this year was 189.98 million manat.
The official exchange rate today is 0.8034 manat to $1.