OREANDA-NEWS. December 24, 2008. International Bank of Azerbaijan will pay another US1 million to creditors to amortize its foreign debt obligations, said Jahangir Hajiyev, Chairman of the bank, reported the press-centre of IBA.

He added that the bank has to date repaid US 60 million or foreign obligations.
“By paying the planned US 100 million in December will completely cover our obligations for foreign syndicated loans. After that, we have a subordinated loan left. This loan came for 8 years and one year has already elapsed. There will be no problem repaying it,” he added.
Jahangir Hajiyev added that the global financial crisis will not delay but further bring forward the bank’s plans.

According to him, the bank intends to expand its presence in the Persian Gulf region.
“As you know, we have set up a representative office there [Dubai]. We plan to open one more office. This will likely happen next year,” he noted.

As Azerbaijan’s and the region’s largest bank, the International Bank of Azerbaijan with a government’s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).
As of October 1, assets stood at AZN 4 208.654 million, loan portfolio at AZN 2 631.728 million, deposit portfolio at AZN 2 367.476 million, total capital at AZN 328.794 million and authorized capital at AZN 130.078 million.