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IBA-Moscow expands cooperation with Deutche Bank

Business Materials 7 September 2011 13:38 (UTC +04:00)
The IBA-Moscow (International Bank of Azerbaijan - Moscow) with the assistance of Deutche Bank offers new service Single Nostro to clients, IBA-Moscow reported.
IBA-Moscow expands cooperation with Deutche Bank

Azerbaijan, Baku, Sept. 7 /Trend/

The IBA-Moscow (International Bank of Azerbaijan - Moscow) with the assistance of Deutche Bank offers new service Single Nostro to clients, IBA-Moscow reported.

The Single Nostro service implies conducting money transfers by IBA-Moscow clients in USD dollars, euro, British pounds, Swedish kronas, Swiss franks, where these funds will be credited on the recipient's account in one of currencies in which the bank's correspondent account is missing.

That is, the client, making transfer in USD dollars, for example can order the bank to pay these funds to beneficiary in Bahrain dinars.

Single Nostro will enable IBA-Moscow clients to use expanded list of currency operations, at that avoiding direct converting operations, in case of lack of free quotes in international currency market FOREX.

IBA-Moscow, a subsidiary of the International Bank of Azerbaijan, was established in 2002. It is the first and only bank in Russia with 100 percent Azerbaijani capital. The bank operates in Russia.

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