Baku, Azerbaijan, March 6
Trend:
As part of the privatization strategy, the International Bank of Azerbaijan (IBA) has decided to close a number of branches of its subsidiary in Moscow, IBA-Moscow, the IBA said in a message March 6.
IBA-Moscow’s branches in St. Petersburg and Yekaterinburg will be closed, according to the message.
“The decision to close IBA-Moscow’s branches is based on the subsidiary's intention to focus on business development near Moscow,” the message said.
The bank will keep fully and timely fulfilling its commitments to customers of branches in St. Petersburg and Yekaterinburg, according to the message.
Customer service in closed branches is operating as usual. Since March 5, branches in these cities have stopped accepting deposits and don’t carry out money transfers through payment systems. Return of deposits and money transfer payments is carried out as usual, without restrictions.
It is planned to close the branches until April 27, 2018, inclusive.
The IBA is at the stage of recovery since July 2015, which is related to preparations for privatization of the bank's state-owned shares.
To restore the bank's financial position, the distressed assets of the bank were transferred to state-owned Aqrarkredit non-bank credit organization. Aqrarkredit provides IBA with liquid assets in exchange for distressed assets.
Restructuring of IBA’s foreign liabilities has been recently completed.