OREANDA-NEWS. June 05, 2008. The International Bank of Azerbaijan (IBA) launched transferring its representation in Dubai into daughter bank, reported the press-centre of IBA.

IBA Chairman Jahangir Hajiyev said within protocol signed between Azerbaijan and United Arab Emirates (UAE) it is supposed to examine possibility of transferring the IBA representation in Dubai into a full-fledged daughter bank.

“In this direction we will operate within framework of the protocol that stipulates possibility of transferring the IBA representation in Dubai into a daughter bank,” J.Hajiyev said.
Opening of a daughter structure in Dubai will lead to the fact Azerbaijan would be the first represented in UAE bank sector among CIS countries.

Much depends on country’s national legislation where operations are supposed to be carried out (there is a ban for opening foreign banks in UAE to be abolished soon). There are 28 foreign and 21 domestic banks acting in Dubai. Former USSR countries are not represented on this market.