Finance

Finance

International Bank of Azerbaijan slams bank ranking list for the Eurasia region

02 December 2009 16:48 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. International Bank of Azerbaijan (IBA) has slammed bne’s (www.businessneweurope.eu) annual bank ranking list for the Eurasia region as based on the false information.

Rauf Aghayev, press secretary of the bank, told APA-Economics that the report showed as if IBAâ€™s assets dwindled by $1.1 billion (from $5.2 billion to $4.1 billion) over the crisis-hit year.

â€œIn this regard, we are pleased to inform that IBAâ€™s assets stood at AZN 4.316 billion as at December 31, 2008, up 68% from the end of 2007. As at October 1, 2009, the bankâ€™s assets stood at AZN 4.758 billion or $6 billion in US dollars. As you see, there is a hike in assets. The fact that IBA improved its ranking from 42nd last year to 32nd this year might have been the result of growth in assets rather than decline,â€ he added.