Finance

Finance

IBA-Moscow to further expand relations with corporate clients

09 April 2009 15:59 (UTC +04:00)

Moscow. Roman Aghayev, Vugar Israfilov - APA-Economics. IBA-Moscow, a Moscow-based subsidiary of International Bank of Azerbaijan, has identified further expansion of relations with corporate clients as its priority, said Fuad Abdullayev, Chairman of the subsidiary.

According to him, IBA-Moscow, which made it to Russia Top-200 banks in 2008, foresees its position in Top-150 in the future in terms of assets.

He said that this bank played a significant role in increasing trade turnover between Azerbaijan and Russia.

Currently, trade turnover between the two countries is 2.5 billion U.S. dollars.

He noted that the bank is mainly engaged in the financing of export-import operations between Azerbaijan and Russia.

According to him, IBA-Moscow has over 3 000 corporate clients. The balance of their accounts rose by 91% to 2.512 billion rubles or 85.5 million dollars in 2008.

He said the bank would expand the service mix for corporate clients.

In his words, IBA-Moscow jointly with the German bank Commerzbank lent a loan to Russian textile factory in Tver.

According tohim, the arrangement of such loan operations in Russian market shows high confidence of foreign banks in IBA-Moscow.