OREANDA-NEWS. On June 07, 2007 the International Bank of Azerbaijan (IBA) has almost completed the procedure for registration of its representation in Luxembourg, Jahangir Gadkiyev, Chairman of Board of IBA has informed. It is planned to open the representation of the bank in New-York by year end, reported the press-centre of  IBA.

In addition is expected the registration of IBA representation in United Arab Emirates (Dubai). "Our plans intend the transformation of the Dubai representation into subsidiary bank", -informed the head of bank.

To date the IBA has representations in London and Frankfurt, and subsidiary banks function in Moscow and Georgia. The subsidiary bank operating in Russia also expands its network. To date the IBA-Moscow has its affiliates in Saint-Petersburg, Yekaterinburg, and is at the state of opening of up to 10 branches in Moscow.

IBA was established in 1992 as successor of the Vnesheconombank office in Azerbaijan. It dominates in banking sector of the country. State share in the charter capital of the bank is 50.2 percent, with other shares split between legal entities and natural persons.