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IBA-Moscow sets up money transfer system

IBA-Moscow sets up money transfer system

14 October 2009 15:52 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. IBA-Moscow, a Moscow-based subsidiary of International Bank of Azerbaijan, has established a money transfer service called IBA-Express.

Fuad Abdullayev, chairman of IBA-Express, said this system allows transferring money in Azerbaijan, Russia and Georgia.

â€œWe are improving this system to make an international one involving more countries,â€ he added.

IBA-Moscow also uses Contact and Migom money transfer systems.

"IBA-Moscow" was established in January 2002.

As Azerbaijanâ€™s and the regionâ€™s largest bank, the International Bank of Azerbaijan with a governmentâ€™s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).
The bank operates 37 branches across the country.

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