International Bank of Azerbaijan

International Bank of Azerbaijan
Type Closed Joint-Stock Company
Industry Banking
Founded January 1992
Headquarters Baku, Azerbaijan
Area served Azerbaijan
Key people Dr. Jahangir F. Hajiyev,
Chairman of the Board
Products Financial Services
Employees 1259 (June 30, 2009)
Website [1]

The International Bank of Azerbaijan is the state-controlled bank operating in the Republic of Azerbaijan. Headquartered in Baku, the bank consists of 36 branches and 95 service outlets in more than 40 cities.[1]

The Azerbaijan Ministry of Finance is the bank’s main shareholder, possessing a 50.2 percent equity stake.[2] The bank, which reported a 2007 consolidated net income of US$88.1 million and total assets of US$3.2 billion, currently holds 39 percent of the Azerbaijan banking system’s total assets.[3]

In May 2008, the bank became the Azerbaijan source for the issuance of Eurobonds and American Express credit cards.[4] In July 2008, the bank received permission from the U.S. Federal Reserve Board to open a representative office in New York City.[5]

See also

References

  1. ^ “International Bank of Azerbaijan,” U.S.-Azerbaijan Chamber of Commerce
  2. ^ “Rapid growth but weak governance in the banks,” New Europe: The European Weekly, May 5, 2008
  3. ^ “Moody's changes to positive outlook on International Bank of Azerbaijan's foreign currency deposit rating,” CBonds: Bond Markets Information, July 31, 2008
  4. ^ “Sovereign Eurobonds to be secured by IBA,” New Europe: The European Weekly, May 12, 2008
  5. ^ “International Bank of Azerbaijan, Baku, Azerbaijan: Order Approving Establishment of a Representative Office,” Federal Reserve System, July 2008

External links