Azerbaijan, Baku/ Trend , corr. I. Khalilova/ The International Bank of Azerbaijan (IBA) has plans to expand the network of its representative offices and branch-banks abroad, a source in IBA says. IBA is preliminarily expected to open its representative offices in Dubai by the end of the second quarter of 2007, and then in Luxemburg and New-York.
In future, IBA will turn the representative offices to be opened in Dubai and Luxemburg to branch-banks. However, the IBA's forthcoming representative office to New-York will keep the status of representative one like the currently operating IBA's representative offices in London and Frankfurt-on-Main.
Up to date, IBA has had only two branch-banks: IBA-Moscow, and IBA-Georgia.
IBA-Moscow operating in Russia is presently expanding its network as well. To date, IBA-Moscow has had its branch-offices in St. Petersburg, Yekaterinburg. The branch-bank is expected to open up to 10 more branch-offices in the Russian capital as well.
IBA was founded in 1992 as a successor of the Azerbaijani branch of the "VneshTorgBank" of U. S. S. R. IBA is presently taking the lead in Azerbaijan's banking sector. The state-controlled stake in IBA's authorized capital reaches 50.2%, with the rest sold out among private legal entities and physical persons.