International Bank of Azerbaijan opens its affiliate in New York

The press service for the bank told Day.Az that on July 31 of 2008 the directors' board of the US Federal Reserve System gave a positive response to the IBA appeal on opening of a representative office in New York and the intense work launched by the bank for registration of the office in the United States ended successfully.

On December 8 of the last year the bank also got due permission from the Department of New York on banking issues for opening of an office, which enabled the bank's office to start official operation.

The IBA office in New York will mediate between the head office of the bank in Baku and financial partner institutions of the bank in the United States, protect interests of existing customers of the bank in the United States and attract new customers to the service, promote attraction of investments from the United States to Azerbaijan and ensure establishment of mutually profitable relations between the US and Azerbaijani business circles.

Richard L.Smith, former manager of Citibank, is appointed head of the office. He has over ten years of experience of work in Eastern Europe and Central Asia, The representative office locates at 375 Park Avenue (Seagram office complex), Manhattan, New York.

With the opening of the office in New York, the number of bank's representations has risen to 6. It should be noted that an office in Luxembourg added to two oldest offices of the bank in London (functioning since 2002) and Frankfurt-on-Meine (since 2005) in early 2008. The office of IBA also opened in Dubai in late November of 2008, being first in the region of the Persian gulf.

Currently, the bank is also preparing to open a daughter affiliate in the international financial zone of Qatar, to be possibly licensed this year. The daughter bank in Qatar will become the third daughter bank of the IBA financial bank. The first bank - IBA-Moscow- started its activity in 2002. Today this is already a developed financial institution with 12 offices and affiliates in Moscow, Saint-Petersburg and Yekaterinburg, ranking 193rd among 1,200 Russian banks for the amount of net assets, by the rating of the Profile magazine as of September 1 of 2008. In November of 2006 IBA established its second daughter bank outside Azerbaijan - IBA-Georgia with a repaid founding capital of GEL 12 mln (about $7 mln).

/Day.Az/