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International Bank of Azerbaijan cuts tariffs for bank services

13 September 2008 09:03 (UTC +04:00)

Baku. Nijat Mustafayev-APA-Economics. The International Bank of Azerbaijan (IBA) has reduced tariffs for bank services rendered to legal entities and individuals.
The bank said tariffs on cash transactions, currency exchange transactions, money transfers, plastic cards and others were reduced to some remarkable extent.
Besides, the Bank has a separate specific tariff system for foreign and international humanitarian organizations, diplomatic establishments as well as credit institutions.
As at August 1, the number of corporate customers reached 39 000 and individuals 640 000.
Among cheapened services and products there are services like plastic cards (for instance, Visa Electron or Maestro annual card service fee reduced to AZN 10 and annual service fee of Visa Gold or MasterCard Gold to AZN 75), urgent money transfers (IBA-Moscow and IBA-Georgia tariffs reduced from 0.5% to 0.25%) etc.
As of July 1, the bankâ€™s assets stood at AZN 3 635.842 million, loan portfolio at AZN 2 602.101 million, deposit portfolio at AZN 1 949.376 million, total capital at AZN 270.645 million and authorized capital at AZN 100 million.
International Bank of Azerbaijan has been in operation since 1992. 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%).