International Bank of Azerbaijan closes its business in Russia and Georgia


March 15, Fineko/ The International Bank of Azerbaijan announced the closure of its subsidiaries outside the country.

The Bank reports that IBA closes IBA - Moscow, IBA - Georgia and Biznes-Rabita LLC.

"The decision to close the subsidiaries was made yesterday, during the general meeting of shareholders. The decision is based on the results of a detailed analysis. The decision was made taking into account the impact of the activities of subsidiaries on the work of the bank. This step is also connected with the plans for preparation for the IBA privatization," Abbas Ibrahimov, interim chairman of the IBA board, said.

The liquidation of subsidiaries will take place in accordance with the laws of the countries in which they operated. All obligations to customers will be fulfilled. Other IBA affiliates, including the processing center Azericard and International Leasing Company, will continue their activities.

The share of IBA in CJSC "Aqrarkredit" was transferred to the state, thus the state share in the bank's capital is 96.5%.