OREANDA-NEWS. June 05, 2008. The representative office of the International Bank of Azerbaijan (IBA) in Luxembourg may be reorganized into an affiliated bank, stated Jahangir Hajiyev, the Chairman of the Board of IBA, reported the press-centre of IBA.

"The representative office in Luxembourg has been opened this year and has already drawn some positive response. In particular, the representatives of Luxembourg have addressed to us with an offer to obtain the full-fledged banking license and to transform the representative office into an affiliated bank. We are currently considering this offer", said J.Hajiyev.

According to him, IBA hopes for the favorable resolution of the issue of reorganizing the representative office of the bank in the United Arab Emirates into affiliated bank as well. "We have already received an approval for opening our representative office in Dubai. Now we are preparing for its official opening, which is to take place within the next few months.

Nevertheless, alongside with that, as early as at the first meeting of the intergovernmental commission on trade and economic cooperation with the United Arab Emirates (that was held on May 26 in Baku) we brought up a question of granting IBA the full-fledged license for performing the banking operations. This issue is included in the final protocol of the commission's meeting, and we hope that it will be resolved positively", he noted.

J.Hajiyev added that for now it is premature to speak about the timing for opening the representative offices of IBA in Ukraine and Turkey as these matters are still under discussion.

At the present time, the representative offices of IBA are functioning in Frankfurt and London. Moreover, the representative office in New York is expected to be opened soon. In addition to that, the affiliated banks established by IBA are operating in Russia and Georgia.