Finance

Home page

Finance

International Bank of Azerbaijan opens a representative office in New York City

09 January 2009 10:27 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. International Bank of Azerbaijan has opened a representative office in New York City, bringing the number of its offices abroad to 5.
Prior to this, the bank has been operating representative offices in Frankfurt, London, Luxembourg and Dubai.
The bank said it received permission from the U.S. Federal Reserve Board to open a representative office in New York City in July 2008.
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%).
As of 1 October 2008, its assets stood at AZN 4 208.654 million, loan portfolio at AZN 2 631.728 million, deposit portfolio at AZN 2 367.476 million, total capital at AZN 328.794 million and authorized capital at AZN 130.078 million.