IBA to open joint investment bank in Luxembourgh
The International Bank of Azerbaijan (IBA), the
country`s leading bank, is ready to expand its operations in world
financial markets, having explored new options. The bank will keep
European markets in focus in the process, said Jahangir Hajiyev,
Chairman of the IBA Board.
"Notably, we plan to open a subsidiary bank of an investment slant under our representation in Luxembourg," Hajiyev said. We plan to establish such a financial institution jointly with one of the world banks accredited in Luxembourg`s market. We have already received proposals from a number of banks on arranging joint business, which are under consideration."
The IBA is also preparing to open a subsidiary bank with capital worth at least $10 million in Qatar, which will operate based on the canons of Islamic banking.
The IBA`s representation in New York began operating on January 2, bringing the number of its overseas representations to five.
The bank`s offices in London, operational since 2000, and in Frankfurt, active since 2005, were supplemented in early 2008 with one in Luxembourg. In November 2008, the first-ever IBA representative office in the Persian Gulf region opened in Dubai, UAE.
Also, the IBA is making preparations to open a subsidiary bank in Qatar`s international financial zone and is most likely to receive a license for its operation this year. This will be the third such institution of the IBA financial group. The first such bank, IBA-Moscow, launched its operation in 2002. Today, it is an established financial institution running 12 offices and subsidiaries in Moscow, St. Petersburg and Yekaterinburg, which ranks 193rd among 1,200 Russian banks for the amount of net assets.
In November 2006, the IBA founded its second subsidiary bank outside Azerbaijan - IBA-Georgia, with capital stock of about $7 million.
"Notably, we plan to open a subsidiary bank of an investment slant under our representation in Luxembourg," Hajiyev said. We plan to establish such a financial institution jointly with one of the world banks accredited in Luxembourg`s market. We have already received proposals from a number of banks on arranging joint business, which are under consideration."
The IBA is also preparing to open a subsidiary bank with capital worth at least $10 million in Qatar, which will operate based on the canons of Islamic banking.
The IBA`s representation in New York began operating on January 2, bringing the number of its overseas representations to five.
The bank`s offices in London, operational since 2000, and in Frankfurt, active since 2005, were supplemented in early 2008 with one in Luxembourg. In November 2008, the first-ever IBA representative office in the Persian Gulf region opened in Dubai, UAE.
Also, the IBA is making preparations to open a subsidiary bank in Qatar`s international financial zone and is most likely to receive a license for its operation this year. This will be the third such institution of the IBA financial group. The first such bank, IBA-Moscow, launched its operation in 2002. Today, it is an established financial institution running 12 offices and subsidiaries in Moscow, St. Petersburg and Yekaterinburg, which ranks 193rd among 1,200 Russian banks for the amount of net assets.
In November 2006, the IBA founded its second subsidiary bank outside Azerbaijan - IBA-Georgia, with capital stock of about $7 million.
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