Finance

Finance

IBA-Moscow plans to open new branches in Russia and abroad

06 April 2009 16:29 (UTC +04:00)

Baku. Vugar Israfilov - APA-Economics. IBA-Moscow, a subsidiary of the International Bank of Azerbaijan, is planning to expand the service network in 2009.
The subsidiary said it is considering option of buying a local bank based in Moscow or near regions.
There is also the possibility of opening new branches in important metropolitan areas like Nijni Novgorod.
In addition, IBA-Moscow intends to open a branch in Frankfurt (Germany) on the basis of the parent bankâ€™s representative office there.
IBA-Moscow having been operating for more than 7 years in Russia provides services Moscow, Moscow region, St. Petersburg and Yekaterinburg.
for 2008, IBA-Moscowâ€™s pre-tax profit was 164 million rubles, capitalization reached 1 012 billion rubles and exceeded assets 9.86 billion, or $335.53 million.
IBA-Moscow climbed up 37 ranks to sit 171st in the Top-500 List of Russian Banks.
IBA-Moscow is among the first 20 in terms of assets growth rate.