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IBA LEAVES RUSSIAN SECURITIES

Business Materials 11 October 2005 15:01

“The International Bank of Azerbaijan (IBA) has almost left the securities market of the Russian emitters,” Jahangir Hajiyev, the chairman of the Board of the IBA, said. The IBA sold its entire portfolio of securities market comprising $2.5m.

"The securities were purchased at high prices and we carried out monitoring of prices not lose in sale. We do not plan put investments in other markets the same time through the daughter company the IBA-Moscow we will be obviously represented in the Russian market. They will purchase corporate bonds of Gasprom, Glabmosstroy, but on short-term basis (3-6 months). With consideration of the Russian co-efficiency credit 1 creditor N6 IBA-Moscow can purchase securities in the amount up to $5m from one emitter. Big investments can be put only through permission of the head office,” Hajiyev underlined.

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