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IBA-Moscow handles 40% of remittance from Russian to Azerbaijan

24 October 2008 08:33 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. International Bank of Azerbaijan-Moscow (IBA-Moscow) handles 40% of remittances sent from Russia to Azerbaijan.
Fuad Abdullayev, Chairman of the Board, said in total $100 million was remitted to Azerbaijan from Russia in 2007.
According to him, the figure is predicted to reach $130 million to $135 million this year.
He said remittances sent through IBA-Moscow grew 35-40% a year while there are several money transfer system like Western Union, Migom and MoneyGram.
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.