IBA named Azerbaijan’s best bank
By Nazrin Gadimova
Global Finance Magazine has recognized the International Bank of Azerbaijan (IBA) as the best bank in the country.
The winners were selected by a commission comprised of the members of Global Finance editorial board, banking and financial consultants and top manager from international companies and corporations, the IBA reported.
The basic criteria were financial and economic indexes such as assets growth, profitability, strategic development, customer service, competitive advantages and innovative products.
The IBA`s assets increased by 21.7 percent up to 7.172 billion manats by January 1, 2014. The IBA loan portfolio increased by 30.5 percent to make 5.033 billion manats.
The IBA, established in 1992 as a successor of the Azerbaijani branch of Vnesheconombank, holds a leading position in the domestic banking sector. The main shareholder of the bank is the Azerbaijani government, which holds a 50.2 percent stake, and 49.8 percent is owned by private individuals and legal entities.
Global Finance magazine has been published since 1987. The magazine circulation exceeds 50,000 and it's read in 163 countries of the world. Global Finance headquarters is located in Washington with its branch offices operating in London, Rio de Janeiro and Milan.