Azerbaijan, Baku, Dec. 8 / Trend I. Khalilova /
IBA-Moscow plans to bring its assets up to 50 billion rubles by 2015, Chairman of the Board Fuad Abdullayev told Trend today.
"These forecasts were given as part of the bank's new strategy for 2010-2015, which was developed with the assistance of PriceWaterhouseCoopers within the development strategy of the International Bank of Azerbaijan as a whole," he said.
The annual average increase rate was fixed at 20-25 percent and the minimum rate was fixed at 10 percent to achieve the business plan indices. On average, the Russian banking market is increasing by 28 percent.
The IBA-Moscow's assets increased by 20 percent and its deposit base grew by 25 percent in January-September. The increase was provided at the expense of private investors.
"This means that more people trust the bank," he said. "As a result, bank assets might increase by 30-35 percent up to 18 billion rubles. By 2015, IBA-Moscow could enter the list of the 100 largest Russian banks."
Abdullayev added that the bank has completely changed its business strategy to focus more small- and medium-sized businesses, individual entrepreneurs, and the Azerbaijani diaspora.
"When we opened the bank, the strategy was to focus on foreign economic and trade operations," Abdullayev said.
He stressed that the bank's strategy will completely change in five years.
About 15 strategic initiatives raning from organizational structure to services have been defined as part of the bank's development strategy.
IBA-Moscow is a subsidiary of the International Bank of Azerbaijan. It is first and only bank in Russia with 100-percent Azerbaijani capital. It has operated in Russia since 2002. Today, the bank has 12 offices and branches in Moscow, St. Petersburg and Yekaterinburg.