OREANDA-NEWS. June 05, 2008. The International Bank of Azerbaijan (IBA) has been working on opening a representative office in New York City of USA. Mr. Jagahgir Hajiyev, the Chairman of the Board of Directors of IBA has informed “APA-Economics” hereof. ”As the process is relatively longer there, talks are being conducted now” – emphasized Mr.J.Hajiyev, reported the press-centre of IBA.

IBA management has also mentioned that Luxemburg Representation will render banking services in the future.

Let us remember that IBA, which is the biggest banking credit institution of Azerbaijan and of the region, has been functioning as of 1992.

The State’s participation share in the authorized capital of the Bank is 50.2%, other 40% of the shares are owned by a private sector, and 10% is owned by the employees of the Bank. By 1st April of this year, volume of the Bank’s assets was 2, 888.511 mln.

Manats, credit portfolio 1, 683.599 mln. Manats, deposit portfolio 1, 323.709 mln. Manats, total capital 291,851 mln. Manats, including authorized capital 100 mln. Manats.

Currently 36 branches, 2500 POS-Terminals and 65 information stands of the Bank are functioning throughout the republic. IBA owns 55% of all POS-terminals installed in the country.