Baku, Azerbaijan, June 15
By Azad Hasanli – Trend:
The International Bank of Azerbaijan (IBA) has set limits on independent decision-making on the issuance of loans by its subsidiary in Russia – IBA-Moscow, a source in the country’s financial market told Trend.
Thus, the bank’s Supervisory Council can independently make decisions on the issue of loans in the amount that doesn’t exceed 60 million rubles, and in the case of reorganization of loans this amount totals 250 million rubles.
Earlier, the IBA-Moscow Board could make decisions on issuing loans in an amount that doesn’t exceed 350 million rubles, the Credit Committee – in an amount that doesn’t exceed 250 million rubles.
The IBA-Moscow was created in 2002 as a subsidiary of the IBA, a major part of assets of which is owned by Azerbaijan’s Finance Ministry.