Over half of Russian remittances to Azerbaijan account for IBA Express
Baku, Azerbaijan, Nov. 16
By Emin Aliyev - Trend:
Over half of money transfers from Russia to Azerbaijan, are carried out through the IBA Express system, chairman of the Bank IBA Moscow, Fuad Abdullayev told Trend on Nov. 16.
Bank IBA Moscow is a subsidiary of the International Bank of Azerbaijan in the Russian Federation.
"The total annual volume of transfers within this system reaches $120 million, and we intend to develop it, to create the possibility for the transfer from Russia to other countries," Abdullayev said.
According to him, the IBA Express system is in demand.
"Other banks also show interest to it - for example, we have recently signed cooperation agreements with banks of China and Central Asian countries," Abdullayev said.
According to him, the share of IBA Express in the Russian market is small.
"This is due to the presence of very large players in this market, such as the Golden Crown, Contact and others. It is difficult to compete with them," Abdullayev said.