IBA to apply for opening bank in Qatar in 2010
The International Bank of Azerbaijan, the country`s
largest bank, is committed to plans to open its representations and
subsidiaries abroad, says Jahangir Hajiyev, Chairman of the IBA
Board.
"Specifically, these are our plans for Qatar. We are currently drafting documents to open a subsidiary bank in this country. Most likely, PriceWaterhouseCoopers will be invited to carry out this task. Most likely, the official application for opening the subsidiary bank in Qatar will be submitted in 2010."
Hajiyev noted that there are four levels of approval for the opening of subsidiary entities in Qatar.
In accordance with Qatar`s legislation, the minimum capital of a subsidiary bank is $250,000, but IBA has not yet made a decision on the amount of its subsidiary`s capital.
"Specifically, these are our plans for Qatar. We are currently drafting documents to open a subsidiary bank in this country. Most likely, PriceWaterhouseCoopers will be invited to carry out this task. Most likely, the official application for opening the subsidiary bank in Qatar will be submitted in 2010."
Hajiyev noted that there are four levels of approval for the opening of subsidiary entities in Qatar.
In accordance with Qatar`s legislation, the minimum capital of a subsidiary bank is $250,000, but IBA has not yet made a decision on the amount of its subsidiary`s capital.
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