The FINANCIAL — According to APA-Economics, International Bank of Azerbaijan has been granted proper license to establish its representative offices in Dubai and Luxembourg.
The bank doesn’t rule out the probability of converting the representative offices to subsidiaries in the future.
The switch from a representative office to a subsidiary may be possible in Dubai after the United Arab Emirates lift the 1982 ban on establishment of subsidiaries of foreign banks.
As a largest bank of the region and Azerbaijan, International Bank of Azerbaijan with a government’s 50.2% stake is also owned by the bank staff (10%) and private shareholders (40%). IBA has been in operation since 1992.
As of October 1, the bank’s assets stood at AZN 2,345.301 million, loan portfolio at AZN 1,280.481 million, deposit portfolio at AZN 1,544.505 million, aggregate capital at AZN 272.53 million and authorized capital at AZN 97.983 million.
International bank of Azerbaijan has subsidiaries like IBA-Moscow and IBA-Georgia, representative offices in London and Frankfurt and 36 branches in Azerbaijan.
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