Azerbaijan, Baku, Oct. 2 / Trend /
IBA-Moscow, a subsidiary of the International Bank of Azerbaijan (IBA), holds on confirming its status in the Russian market.
The status of IBA-Moscow as an authorized bank of the Moscow government has been extended by 18 months, the bank reported.
"A new expanded edition of the program on the cooperation between the bank and the government of Moscow will be completed soon," the bank reported.
For the first time IBA-Moscow was given this status in 2004 and since then has confirmed it successfully. Authorized bank status testifies of financial stability of IBA-Moscow, impeccable reputation and offers access to participation in various economic, investment and social programs in the city of Moscow. The bank actively lends to various projects in commercial, construction and manufacturing sectors and is a financial partner of diverse companies playing an important role in the economy of the city.
The institute of authorized banks of the Moscow government was established in 1992 with the purpose to organize business co-operation of city's executive power bodies with commercial banks. At present, among the 30 authorized banks are Savings Bank of Russia, Rosselkhozbank, Bank VTB, Alfa-Bank, Bank Uralsib, Raiffeisenbank CJSC and others, and their share in all banking operations in Moscow is quite significant.
IBA-Moscow was included on RosBusinessConsulting's (RBC) "Most Profitable and Efficient Banks in the First Quarter of 2010" list, taking 193rd place among the top 500 most profitable banks in the first quarter of 2010. IBA-Moscow also entered RBC's rating "Largest Russian Banks in the First Quarter of 2010," taking 136th position in terms of net assets and 129th in terms of loan portfolio.
IBA-Moscow is the first and only bank with 100-percent Azerbaijani capital in Russia. IBA-Moscow has created a network including offices in Moscow and branches in St. Petersburg and Yekaterinburg.
The bank's staff built its work in accordance with its strategic development plan adopted for a three-year period in late 2007 and has made significant progress, the bank reported. As a result, IBA-Moscow was included in the rating TOP-30 Russia's banks resisting to stress, which are able to cope with problems arising from the global financial crisis.