Azerbaijan may acquire insolvent banks in Russia

Azerbaijan may acquire insolvent banks in Russia
# 23 October 2008 16:19 (UTC +04:00)
He noted that there haven’t been such proposals.
“If they do, we are ready to consider any proposals on acquisition,” he added.
According to him, IBA-Moscow plans to expand its branch network.
“For example, a branch of IBA-Moscow will be set up under the parent bank - International Bank of Azerbaijan’s office in Frankfurt (Germany) in 2009. We also plan to open a branch in Nijni Novgorod (Russia) because it is an economically active region of Russia and its share is 20% in the Azerbaijani-Russian trade turnover,” he added.
IBA-Moscow, a subsidiary of International Bank of Azerbaijan, has been in operation since 2002.
Currently, its assets reached 10 billion rubles, credit portfolio 6 billion rubles, capital is 2 billion rubles.
IBA-Moscow made profit of 84.617 million rubles in January-June and 126.401 rubles in 2007.
It has branches in St. Petersburg and Yekaterinburg. The Government of Azerbaijan (Ministry of Finance) holds a 50.2% stake in International Bank of Azerbaijan.