OREANDA-NEWS. April 21, 2009. Country’s largest bank, International Bank of Azerbaijan, is ongoing expansion in Persian Gulf states’ markets, reported the press-centre of IBA.

Jahangir Hajiyev, IBA Chairman of Board, says that in March the Bank’s delegation paid a visit to Qatar.

“Following negotiations in the Central Bank and Qatar Financial Centre (KFC) we received consent for opening of our subsidiary bank in Qatar with maximum range of operations that supposes payment of its charter capital up to US10 million,” Hajiyev said.

The IBA launched work over realization of this sanction, in particular market assessment and making of a business plan with help of leading consulting companies of the world.
“We expect to open in Qatar not a usual bank, but an institution to operate in accord with Islamic banking principles,” Hajiyev said.

At the same time the issue of transfer of the Dubai-based IBA representative office into a bank was removed from the agenda.

“It is linked with the situation at the Dubai financial market. Meanwhile, opening of our representative office there was a right move and allowed us to estimate prospects of operation in the region. Qatar today is Dubai 10 years ago. It is important to appear at this market in time, and I think our subsidiary bank is to going to have great prospects there,” Hajiyev said.
Over 45% of banking system assets of Azerbaijan falls on the share of the IBA.