IBA honored with int`l award
The International Bank of Azerbaijan (IBA), the
country`s leading bank, has received an outstanding international
award.
IBA won the first international Platinum Key award for its significant contribution to the development of the national banking system. As Jahangir Hajiyev, Chairman of the IBA Board, noted in his speech, the basis for this success had been provided by the political and economic stability of Azerbaijan.
The ceremony of granting the Platinum Key award, established in 2008 at the initiative of the management of banking associations of several European and CIS states, was held as part of the third Vienna Banking Forum for CIS and Eastern Europe as well as the 20th BACEE (Banking Association for Central and Eastern Europe) conference on country and banking risks.
The events were organized by BACEE, the International Banking Council, CIS Financial and Banking Council, and the Association of Russian Banks. About 200 senior managers of financial institutions and organizations from more than 20 countries in CIS, Central and Eastern Europe, as well as the UK, Austria, Italy, France, Germany, Bosnia and Herzegovina, Serbia, Kazakhstan, Ukraine, Azerbaijan and others shared their experience and opinions on management amid the global financial crisis, with consideration of the national specifics of the banking systems and external international challenges and risks.
Platinum Key is awarded to individuals and institutions that have excelled in the banking business, banking technologies and in fostering favorable conditions for the development of banks and national banking systems. The main goal of establishing the award was to increase motivation for the achievement of high results in the financial and banking sectors, promote perspective financial and investment programs and projects as well as innovative ideas in CIS, Central and Eastern Europe.
Five banks had been nominated for the Platinum Key award. The expert assessment of candidates by anonymous voting was implemented by an ad hoc council comprising the management of European states` banking associations.
The main criteria for the selection of candidates were innovative approaches to operations, development dynamics, special achievements, as well as the magnitude of the contribution made to the development of this sector and its integration into the world community. Given the current conditions that have shaped up in the global economy, it was decided to take into consideration while selecting the winning bank not only its contribution to the development of the national banking system, but also its merits in the implementation of anti-crisis measures.
IBA currently holds top international ratings in Azerbaijan from Fitch (BB+) and Moody`s (Baa2), and in April 2009 it was named "Best emerging markets bank" by the New York-based Global Finance magazine and "Best bank of CIS, Central and Eastern Europe" by the London-based Emeafinance magazine. Earlier, 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 was established in 1992 as a successor of the Azerbaijan branch of the Foreign Economy Bank. IBA has a well-developed branch network and provides banking services to large corporate clients and, to a lesser extent, to individuals.
IBA is the only Azerbaijani bank with state participation. The government`s share in the bank is 50.2 percent, while the rest of the capital is held by private shareholders.
IBA won the first international Platinum Key award for its significant contribution to the development of the national banking system. As Jahangir Hajiyev, Chairman of the IBA Board, noted in his speech, the basis for this success had been provided by the political and economic stability of Azerbaijan.
The ceremony of granting the Platinum Key award, established in 2008 at the initiative of the management of banking associations of several European and CIS states, was held as part of the third Vienna Banking Forum for CIS and Eastern Europe as well as the 20th BACEE (Banking Association for Central and Eastern Europe) conference on country and banking risks.
The events were organized by BACEE, the International Banking Council, CIS Financial and Banking Council, and the Association of Russian Banks. About 200 senior managers of financial institutions and organizations from more than 20 countries in CIS, Central and Eastern Europe, as well as the UK, Austria, Italy, France, Germany, Bosnia and Herzegovina, Serbia, Kazakhstan, Ukraine, Azerbaijan and others shared their experience and opinions on management amid the global financial crisis, with consideration of the national specifics of the banking systems and external international challenges and risks.
Platinum Key is awarded to individuals and institutions that have excelled in the banking business, banking technologies and in fostering favorable conditions for the development of banks and national banking systems. The main goal of establishing the award was to increase motivation for the achievement of high results in the financial and banking sectors, promote perspective financial and investment programs and projects as well as innovative ideas in CIS, Central and Eastern Europe.
Five banks had been nominated for the Platinum Key award. The expert assessment of candidates by anonymous voting was implemented by an ad hoc council comprising the management of European states` banking associations.
The main criteria for the selection of candidates were innovative approaches to operations, development dynamics, special achievements, as well as the magnitude of the contribution made to the development of this sector and its integration into the world community. Given the current conditions that have shaped up in the global economy, it was decided to take into consideration while selecting the winning bank not only its contribution to the development of the national banking system, but also its merits in the implementation of anti-crisis measures.
IBA currently holds top international ratings in Azerbaijan from Fitch (BB+) and Moody`s (Baa2), and in April 2009 it was named "Best emerging markets bank" by the New York-based Global Finance magazine and "Best bank of CIS, Central and Eastern Europe" by the London-based Emeafinance magazine. Earlier, 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 was established in 1992 as a successor of the Azerbaijan branch of the Foreign Economy Bank. IBA has a well-developed branch network and provides banking services to large corporate clients and, to a lesser extent, to individuals.
IBA is the only Azerbaijani bank with state participation. The government`s share in the bank is 50.2 percent, while the rest of the capital is held by private shareholders.
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