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International Bank of Azerbaijan opens representative office in Dubai

17 November 2008 12:59 (UTC +04:00)

Baku. Elmin Ibrahimov â€“ APA-Economics. International Bank of Azerbaijan (IBA) launched its first representative office in Dubai.
IBA organized an opening ceremony attended by Jahangir Hajiyev, chairman of the bank, Parviz Ismailzade, consul general of Azerbaijan in Dubai, and Samir Imanov, head of the Azerbaijan community in the UAE, and representatives of businesses.
The bank is negotiating on the upgrade of the representative offices to subsidiary in the future.
The switch from a representative office to a subsidiary may be possible in Dubai after the United Arab Emirates lift the 1982 ban on establishment of subsidiaries of foreign banks.
Azerbaijan will be the country from the former USSR area to own a bank subsidiary in the UAE after the ban is raised.
IBA has a BB+ rating from Fitch while Moody’s Investors Service has rated it at Baa2. IBA is a part of the IBA financial group, which includes the International Bank of Azerbaijan-Moscow, International bank of Azerbaijan-Georgia, International Insurance Company, processing company Azericard and Jointleasing Leasing Company.