Europe names IBA most stable bank amid crisis
Productive activity of the International Bank of
Azerbaijan (IBA), the country`s leading bank, positive dynamics in
its financial performance and sustainable development in the
conditions of economic stability achieved in the fast-growing South
Caucasus republic have been recognized by the world`s financial
institutions and gained international acclaim. The Brussels-based
European Economic Chamber of Trade, Commerce and Industry (EEIG)
has recognized IBA as the most stable bank under crisis conditions
in Europe.
EEIG, established in 1998 at the initiative of European business circles, comprises 41 countries, including the United States, Austria, France, Russia, China, and Saudi Arabia.
In conclusion of a thorough research of the activity of financial and lending institutions on the continent, and taking into account feedback of prominent financiers and experts, the EEIG Board of Directors concluded that IBA is among banks that are successfully operating amid a dire economic crunch that has affected economies worldwide.
The achievement is tremendous success not only for IBA but the entire banking system of Azerbaijan and the country as a whole. The European chamber of commerce has granted the bank a seat in its top governing body.
Of note, experts estimated that global financial loss caused by the downturn has amounted to $5 trillion, or about 7% of the world`s Gross Domestic Product. Most of the world`s leading institutions, including Freddie Mac, Fannie Mae, Citigroup, JP Morgan, Commerzbank, Societe Generale, have faced serious financial problems. This being said, IBA`s accomplishments were duly marked by the European chamber. The chamber`s decision was influenced by the dynamics in the development and ongoing strengthening of the bank`s positions both in the domestic and overseas markets. It took into account that IBA has long become a bank representing the country on the world stage, has set up one of the country`s leading holding groups, and has become the biggest and reliable crediting institution in the region. IBA has also taken the lead in Azerbaijan`s banking system, is actively involved in the implementation of economically efficient state development programs and represents Azerbaijan in the World Economic Forum and its initiatives.
The chamber positively assessed IBA`s financial indicators in 2008 in the conditions of the global crisis.
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%, while the rest of the capital is held by private shareholders.
EEIG, established in 1998 at the initiative of European business circles, comprises 41 countries, including the United States, Austria, France, Russia, China, and Saudi Arabia.
In conclusion of a thorough research of the activity of financial and lending institutions on the continent, and taking into account feedback of prominent financiers and experts, the EEIG Board of Directors concluded that IBA is among banks that are successfully operating amid a dire economic crunch that has affected economies worldwide.
The achievement is tremendous success not only for IBA but the entire banking system of Azerbaijan and the country as a whole. The European chamber of commerce has granted the bank a seat in its top governing body.
Of note, experts estimated that global financial loss caused by the downturn has amounted to $5 trillion, or about 7% of the world`s Gross Domestic Product. Most of the world`s leading institutions, including Freddie Mac, Fannie Mae, Citigroup, JP Morgan, Commerzbank, Societe Generale, have faced serious financial problems. This being said, IBA`s accomplishments were duly marked by the European chamber. The chamber`s decision was influenced by the dynamics in the development and ongoing strengthening of the bank`s positions both in the domestic and overseas markets. It took into account that IBA has long become a bank representing the country on the world stage, has set up one of the country`s leading holding groups, and has become the biggest and reliable crediting institution in the region. IBA has also taken the lead in Azerbaijan`s banking system, is actively involved in the implementation of economically efficient state development programs and represents Azerbaijan in the World Economic Forum and its initiatives.
The chamber positively assessed IBA`s financial indicators in 2008 in the conditions of the global crisis.
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%, while the rest of the capital is held by private shareholders.
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