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IBA-Moscow broadens range of services

15 April 2009 15:46 (UTC +04:00)

Moscow. Vugar Israfilov Roman Agayev - APA-Economics. IBA-Moscow, a Russia-based Subsidiary of International Bank of Azerbaijan, is planning to expand the range of services for individuals, said Fuad Abdullayev, chairman of the board.
According to him, one of the most popular, massive and fast-growing banking services is money transfers without opening an account between Russia and Azerbaijan.
The volume of remittances increased by 14% to 113 million dollars and the number of transfers increased by 6% to 67 000 in 2008.
Fuad Abdullayev emphasized that the demand for money transfers in real time is related to the fact that the parent bank have a wide branch network in almost all corners of Azerbaijan.
He also added that the launch of IBA-Express Money Transfer System last year helped optimize the transfers and made delivery faster and more convenient for customers.

At the same time, the bank is planning to extend deposit programs for individuals.
In 2008, the amount of individual deposits reached 725 million rubles or 24,716 million dollars, representing 88% growth compared to 2007.
In addition, the Bank is actively engaged in issuing plastic cards and is a member of Visa and MasterCard.
As of January, IBA-Moscow issued more than 17 000 Visa and MasterCard cards, will increase the number of ATMs by 73%, POS-terminals by 92% this year.