The International Bank of Azerbaijan (IBA) has been recognized as the best bank in Azerbaijan according to the financial magazine Euromoney, Trend reports with reference to the bank.
The magazine awarded the bank due to the rapidly growing volume of assets, a large customer base, a wide network of ATMs in the country, global partnership relations used in the innovative technologies. In addition, the magazine noted corporate social responsibility projects implemented by the bank.
The decision of the magazine was announced at the traditional ceremony “Award of Excellence” in London.
Euromoney Group, founded in 1969, brings together many companies specializing in banking and finance spheres. Euromoney awards, which this year mark 50th anniversary, are among the most prestigious ones in the world of finance.
The magazine analyzes the activities of banks operating in more than 100 countries around the world, and the results they have achieved over the year. Observations of international correspondent banks, well-known financiers and bankers regarding these banks are also considered. As a result of such comprehensive assessment, Euromoney determines the awardees.
IBA, founded in 1992, is at the stage of recovery since July 2015, which is associated with the preparation for the privatization of state-owned shares of the bank.
To restore the bank's financial position, its distressed assets were transferred to the non-bank credit institution Aqrarkredit. In exchange for distressed assets, the Non-Bank Credit Organization (NBCO) provides IBA with liquid funds. At the same time, restructuring of IBA's foreign obligations has recently been completed.
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