International Bank of Azerbaijan

The International Bank of Azerbaijan is the national development bank for the Republic of Azerbaijan. Headquartered in Baku, the bank consists of 36 branches and 95 service outlets in more than 40 cities. [ [http://www.usacc.org/contents.php?cid=200 “International Bank of Azerbaijan,” U.S.-Azerbaijan Chamber of Commerce] ]

The Azerbaijan Ministry of Finance is the bank’s main shareholder, possessing a 50.2 percent equity stake. [ [http://www.neurope.eu/articles/86262.php “Rapid growth but weak governance in the banks,” New Europe: The European Weekly, May 5, 2008] ] 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. [ [http://www.cbonds.info/all/eng/news/index.phtml/params/id/406349 “Moody's changes to positive outlook on International Bank of Azerbaijan's foreign currency deposit rating,” CBonds: Bond Markets Information, July 31, 2008] ]

In May 2008, the bank became the Azerbaijan source for the issuance of Eurobonds and American Express credit cards. [ [http://www.neurope.eu/articles/86516.php “Sovereign Eurobonds to be secured by IBA,” New Europe: The European Weekly, May 12, 2008] ] In July 2008, the bank received permission from the U.S. Federal Reserve Board to open a representative office in New York City. [ [http://www.federalreserve.gov/newsevents/press/orders/orders20080731.pdf “International Bank of Azerbaijan, Baku, Azerbaijan: Order Approving Establishment of a Representative Office,” Federal Reserve System, July 2008] ]

References

External link

* [http://www.ibar.az International Bank of Azerbaijan web site]