IBA awarded another int’l prize
The 10th anniversary prize presentation ceremony has been held in
London to confer the "Bank of the Year" award, one of the most
prestigious international awards in the banking sector from The
Banker magazine. The International Bank of Azerbaijan (IBA) was
named winner in the "Bank of the Year in Azerbaijan"
nomination.
IBA has retained its leadership since 2000, becoming the winner for the eighth consecutive time.
The "Bank of the Year" award is presented to the winners from 144 countries, as well as to the winners from six regions of the world, and to the winner in the "Global Bank" nomination. The awards were presented to the banks based on their performance over the past year, including detailed information on financial performance, information on innovative activity, and the nominee banks’ general strategy for development.
Considering the challenges faced in the ending year, winners were not selected in the countries whose banking systems could not withstand the strain of the crisis or the banks - market leaders of which could not make sufficient progress in order to be nominated for the award.
The year 2009 was abundant for IBA in terms of awards. Thus, in October this year, IBA was named "Best Bank in Azerbaijan" by the London-based Euromoney magazine. Earlier, in March, the bank won the nomination for the "Best Emerging Markets Bank" for the 8th consecutive time from Global Finance magazine (New York). The same year, for the first time, the bank won the award of "Best Bank in CIS, Central and Eastern Europe" from the Emeafinance magazine (London).
At the end of April, IBA, which has made a significant contribution to the development of the national banking system, became the winner of the first international Platinum Key award. The award was founded in 2008 at the initiative of chief executives of banking associations of European states and the CIS countries. The prize presentation ceremony took place within the framework of the 3rd Vienna Banking Forum of the CIS and Eastern Europe countries and the 20th Conference of the Banking Association of Central and Eastern Europe (BACEE), which was attended by nearly 200 financial institutions from more than 20 countries. In February, the successful operations of IBA were noted by the Board of Directors of the European Economic Chamber of Trade, Commerce and Industry (EEIG), and the IBA was recognized as the most stable bank under crisis conditions in Europe.
IBA currently holds top international ratings in Azerbaijan from Fitch (BB+) and Moody’s (Baa3). This success is undoubtedly underpinned by the political and economic stability in Azerbaijan.
IBA is the most capitalized bank in the country. Over the past year, its capital stock increased to 200 million manats ($250 million). In January-September 2009, IBA achieved a 13% growth in assets and, as of October 1, the total volume of its assets amounted to about $6 billion. The IBA’s deposit portfolio amounted to 1.9 billion manats.
As of October 1, the bank's gross capital amounted to 452.105 million manats, or $562.7 million.
IBA continuously expands the scope of its banking operations in international money and capital markets. Since the beginning of 2009 alone, the bank has signed syndicated loan agreements with the world's largest banks to the tune of $200 million. Amid the global financial crisis and the shortage of spare funds in world financial markets, this is evidence of high confidence and great interest taken in IBA by foreign investors. The bank also ensures timely repayment of the borrowed loans: the total amount of repayments made up $800 million in 2008 and $217 million since the beginning of the year.
Given that Islamic banking is coming into spotlight all over the world, IBA intends to keep its well-established relations with Islamic financial institutions. Thus, the bank is planning to establish a fully owned subsidiary in Qatar in 2010, exploring opportunities to enter prospective capital markets and holding talks with new partners and investors in the Muslim East. The negotiating process with the Islamic Development Bank on setting up of "Islamic window" at IBA has already started. By the end of this year, a special working group will present proposals for its opening. Also, IBA has lately participated as a privileged partner at the largest annual international conference on Islamic banking that was attended by 1,200 delegates from 50 countries and took place in early December in Manama, Bahrain. *
IBA has retained its leadership since 2000, becoming the winner for the eighth consecutive time.
The "Bank of the Year" award is presented to the winners from 144 countries, as well as to the winners from six regions of the world, and to the winner in the "Global Bank" nomination. The awards were presented to the banks based on their performance over the past year, including detailed information on financial performance, information on innovative activity, and the nominee banks’ general strategy for development.
Considering the challenges faced in the ending year, winners were not selected in the countries whose banking systems could not withstand the strain of the crisis or the banks - market leaders of which could not make sufficient progress in order to be nominated for the award.
The year 2009 was abundant for IBA in terms of awards. Thus, in October this year, IBA was named "Best Bank in Azerbaijan" by the London-based Euromoney magazine. Earlier, in March, the bank won the nomination for the "Best Emerging Markets Bank" for the 8th consecutive time from Global Finance magazine (New York). The same year, for the first time, the bank won the award of "Best Bank in CIS, Central and Eastern Europe" from the Emeafinance magazine (London).
At the end of April, IBA, which has made a significant contribution to the development of the national banking system, became the winner of the first international Platinum Key award. The award was founded in 2008 at the initiative of chief executives of banking associations of European states and the CIS countries. The prize presentation ceremony took place within the framework of the 3rd Vienna Banking Forum of the CIS and Eastern Europe countries and the 20th Conference of the Banking Association of Central and Eastern Europe (BACEE), which was attended by nearly 200 financial institutions from more than 20 countries. In February, the successful operations of IBA were noted by the Board of Directors of the European Economic Chamber of Trade, Commerce and Industry (EEIG), and the IBA was recognized as the most stable bank under crisis conditions in Europe.
IBA currently holds top international ratings in Azerbaijan from Fitch (BB+) and Moody’s (Baa3). This success is undoubtedly underpinned by the political and economic stability in Azerbaijan.
IBA is the most capitalized bank in the country. Over the past year, its capital stock increased to 200 million manats ($250 million). In January-September 2009, IBA achieved a 13% growth in assets and, as of October 1, the total volume of its assets amounted to about $6 billion. The IBA’s deposit portfolio amounted to 1.9 billion manats.
As of October 1, the bank's gross capital amounted to 452.105 million manats, or $562.7 million.
IBA continuously expands the scope of its banking operations in international money and capital markets. Since the beginning of 2009 alone, the bank has signed syndicated loan agreements with the world's largest banks to the tune of $200 million. Amid the global financial crisis and the shortage of spare funds in world financial markets, this is evidence of high confidence and great interest taken in IBA by foreign investors. The bank also ensures timely repayment of the borrowed loans: the total amount of repayments made up $800 million in 2008 and $217 million since the beginning of the year.
Given that Islamic banking is coming into spotlight all over the world, IBA intends to keep its well-established relations with Islamic financial institutions. Thus, the bank is planning to establish a fully owned subsidiary in Qatar in 2010, exploring opportunities to enter prospective capital markets and holding talks with new partners and investors in the Muslim East. The negotiating process with the Islamic Development Bank on setting up of "Islamic window" at IBA has already started. By the end of this year, a special working group will present proposals for its opening. Also, IBA has lately participated as a privileged partner at the largest annual international conference on Islamic banking that was attended by 1,200 delegates from 50 countries and took place in early December in Manama, Bahrain. *