Azernews.Az

BAKU – The status of IBA Moscow, a subsidiary of the International Bank of Azerbaijan (IBA), as an authorized bank of the Moscow government, was extended by 18 months in September. A new, expanded version of the program on IBA Moscow’s cooperation with the Russian capital’s authorities will be drafted soon, the bank said.

IBA Moscow was initially granted the status in 2004 and has seen it being successfully confirmed so far. The status indicates the bank’s financial sustainability and its high reputation in the banking sector, and paves the way for its participation in a slew of economic, investment and social programs of Moscow. IBA Moscow is actively involved in lending to various projects covering trade, production and the construction sector and is a financial partner of different companies playing a key role in the city’s economy.

The Institute of Authorized Banks of the Government of Moscow was established in 1992 to forge business cooperation between the city’s executive authorities and commercial banks. The body currently includes 30 institutions, including Sberbank, Rosselkhozbank, VTB, Alfa-Bank, Bank Uralsib, Raiffeisenbank and others, which account for a lion’s share of banking transactions carried out in Moscow.

IBA Moscow has been included in RosBusinessConsulting's (RBC) Most Profitable and Efficient Banks in the First Quarter of 2010 list, ranking 193rd among the top 500 most profitable banks.

The bank was also ranked 120th on asset efficiency and took 162nd place among the top 300 universal banks.

IBA Moscow also entered RBC's rating Largest Russian Banks in the First Quarter of 2010, taking 136th ranking in terms of net assets and 129th in terms of loan portfolio.

The IBA’s Moscow branch has been rated among the top 30 "stress-resistant" banks in Russia that have surmounted the challenges posed by the world financial crisis.

IBA Moscow is committed to the three-year strategic development plan adopted in late 2007 and has attained considerable success.

IBA Moscow is the first and only bank with full Azerbaijani capital operating in Russia. The bank has created a broad branch network and currently runs offices in Moscow, St. Petersburg and Yekaterinburg.