BAKU, Azerbaijan, Nov. 12
By Eldar Janashvili - Trend:
This year, IBA-Moscow, a subsidiary of the International Bank of Azerbaijan (IBA) in Moscow, is undergoing renovation period, Trend reports referring to Russian media citing the bank’s head Zaur Garaisaev.
Garaisaev said that taking decision by IBA to continue its activities in Russia is an important event for the organization. With the participation of McKinsey & Company, IBA-Moscow developed and approved a new strategy, identified key goals, objectives and main business directions, as well as revised the conceptual approach to developing the bank’s brand, the bank’s head noted.
Garaisaev added that IBA-Moscow is primarily focused on cooperation with companies engaged in foreign economic activity with Azerbaijan; however, the bank is ready to work with other companies.
The main criterion is transparent and open business with understandable structure and potential for long-term cooperation, the bank’s head said.
The main goal of the organization remains the development of trade relations between the two countries and servicing Azerbaijani citizens who live in Russia, as well as active participation in the implementation of intergovernmental agreements and the creation of a single platform for participants in trade relations between Russia and Azerbaijan, Garaisaev noted.
Referring to the discussion of the place of IBA-Moscow in the Russian banking market, the bank’s head said that the organization is aimed at working with a specific segment, namely with companies engaged in foreign trade between Russia and Azerbaijan, and seeks to fill in this particular niche.
Regarding the issue of the bank’s majority of shares belonging to Azerbaijan’s Finance Ministry, Garaisaev said that the fact of state participation in a credit institution means for clients, first of all, a guarantee of the bank’s reliability and financial sustainability for customers.
“We can most efficiently serve financial flows between our countries, ensuring high speed, reliability and low cost of operations,” the bank’s head noted. “The bank is well aware of the specifics of such activities and this is our great advantage. In addition, our parent bank is the biggest bank in Azerbaijan, which has colossal experience. Together with it, we can offer our customers the most advanced products and services, at comfortable price conditions.”