Azerbaijan, Baku / Trend corr. I.Khalilova / Jahangir Hajiyev, the Chairman of the Executives Board of the International Bank of Azerbaijan (IBA), stated that the IBA has practically completed the registration procedure of its representation in Luxembourg.
Asides from its other representation in the United Arab Emirates ( Dubai), the bank is planning to open also in New York by the end of 2007. "We are planning to make the Dubai representation the daughter bank," Hajiyev noted.
Presently, IBA is represented in London and Frankfurt, and the daughter banks operate in Moscow and Georgia. The daughter bank in Russia is expanding its systems. IBA - Moscow has branches in Saint Petersburg and Yekaterinburg.
IBA was founded in 1992 as a successor of the Azerbaijani Vnesheconombank's Department.