Bank Of Baku

IBA-Moscow rushes for headcount among Top 100 Russian Banks

IBA-Moscow rushes for headcount among Top 100 Russian Banks
# 24 October 2008 10:09 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. International Bank of Azerbaijan-Moscow (IBA-Moscow) predicts a 50-60% growth in assets for this year, said Fuad Abdullayev, Chairman of the Board.
He added that there was a nearly 80% increase in assets and a 72% rise in loan portfolio last year.
“In general, we achieved 70-100% growth in business. We expect a 20% rise in assets in 2009. It is a slow growth because of the current situation in the financial markets. However, IBA-Moscow has set target to among the Top-100 Banks in Russia next year,” he noted.
Regarding financials, the bank’s assets reached 10 billion rubles, credit portfolio 6 billion rubles, capital is 2 billion rubles.
IBA-Moscow, a subsidiary of International Bank of Azerbaijan, has been in operation since 2002.
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.
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