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International Bank of Azerbaijan gets first tranche from Royal Bank of Scotland

International Bank of Azerbaijan gets first tranche from Royal Bank of Scotland

14 October 2009 16:20 (UTC +04:00)

Baku. Elnur Guseynguluev - APA-ECONOMICS. International Bank of Azerbaijan (IBA) will get $100 million in total from Royal Bank of Scotland, said Jahangir Hajiyev, chairman of the Bank.

According to him, the first tranche of $20 million has already been made available to the bank.

â€We will receive the next tranches in $20 million to $30 million instalments. Proceeds of this loan will go to the overall economic development of the country,â€ he added.

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, 587 ATMs, 63 information kiosks and 2 962 POS-terminals

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