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International Bank of Azerbaijan to convert two foreign representative offices to subsidiary banks

International Bank of Azerbaijan to convert two foreign representative offices to subsidiary banks

21 April 2009 10:55 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. International Bank of Azerbaijan (IBA) is planning to set up a subsidiary banks on the core of its representative offices in Luxembourg and Dubai, said the Bank

The bank said it also received permission to open a subsidiary bank in Qatar.

IBA has representative offices in London, Frankfurt and New York.

International Bank of Azerbaijan is owned by the government (50.2%) and private shareholders (49.8%).

As of January 1, assets stood at AZN 4 369.751 million, loan portfolio at AZN 2 925.867 million, deposit portfolio at AZN 2 512.381 million, total equity capital at ZN 418.510 million and authorized capital stock at AZN 189.737 million.
The bank operates 36 branches across the country.

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