OREANDA-NEWS. On December 19, 2007 the International Bank of Azerbaijan (IBA) has obtained the license to open representation in Dubay (United Arab Emirates), reported the press-centre of International Bank of Azerbaijan.

As Fininvest was informed by the bank, the works are at completion stage on opening of representation, which has undergone the state registration.

Besides, IBA has also obtained the permit for opening of bank representation in Luxembourg, which is also registered.

IBA is not excluding the possibility of transformation of both IBA representations into subsidiary bank.

Opening of subsidiary foreign banks in Dubay is restricted since 1982. And transformation of our representation will be held upon expected cancellation by the central bank of Emirates for opening of foreign banks in the country.

At this time IBA has two subsidiary banks "IBA-Moscow” and IBA-Georgia as well as representations in London and Frankfurt. There are 36 bank affiliates operating in Azerbaijan.