IBA Opens Joint Investment Bank in Luxemburg
OREANDA-NEWS. April 21, 2009. The International Bank of Azerbaijan (IBA) is ready to enlarge its activity at the global financial market by mastering new tools, reported the press-centre of IBA.
The IBA Chairman of the Board Jahangir Hajiyev said in course of developing operations at the global markets the Bank will not forget about European markets as well.
“On the basis of our representative office in Luxemburg we are planning on opening an investment subsidiary bank. Creation of such financial institutions will involve one of the world banks accredited at the Luxemburg’s market. We already have proposals on organizing the joint business from several banks, which are under consideration now,” Hajiyev said.
From January 2, 2009 the IBA representative office in New York launched activity.
Let’s remind that the Bank also has two oldest offices in London (functioning since 2000) and Frankfurt am Main (since 2005); one office was opened in early 2008 in Luxemburg and one in the United Arab Emirates, Dubai, in November 2008 as the first IBA representative office in the Persian Gulf region.
On July 31, 2008 the U.S. Federal Reserve System Board of Directors confirmed the IBA’s request concerning opening of the representative office in New York and the strengthened work started more than a year ago by IBA towards registration of the office in the U.S. has been successfully done.
On December 8, 2008 the Bank obtained suitable permissions from the State of New York Banking Department.
Currently the IBA intends to open a subsidiary bank in Qatar’s international financial zone, the license for which is expected to be received in 2009. The subsidiary bank in Qatar will be the IBA financial group’s third subsidiary bank. The first one, IBA-Moscow, launched activity in 2002.
Today it is a full-fledged financial institution with 12 offices and branches located in Moscow, Saint Petersburg and Yekaterinburg and taking the 193rd position among 1,200 Russian banks as per its amount of net assets according to “Profile” magazine. In November 2006 the IBA established its second subsidiary bank outside Azerbaijan – IBA-Georgia with paid charter capital of GEL 12 million (around US7 million).
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