IBA quits Russian and Georgian markets

IBA quits Russian and Georgian markets
  • Clock-gray 14:36
  • calendar-gray 15 March 2018

International Bank of Azerbaijan clarified its decision on close of several subsidiaries.  

 

IBA told APA-Economics that the subsidiaries to be closed are IBA Moscow and IBA Georgia and Business-Communication LLC.

 

Acting Chairman of IBA Management Board Abbas Ibrahimov said that it was decided at the meeting held on March 14 to close IBA-Moscow, IBA-Georgia and Business-Communication LLC: ‘This decision is based on comprehensive analysis. Abovementioned subsidiaries’ future effectiveness for the bank’s future operation was considered and it was decided to close them. Such a decision is related to preparatory plans of IBA’s privatization’.

 

Closure procedures will be carried out in accordance with the legislation of the countries where they operate. Obligations before the clients will be fulfilled.

 

Bank’s other subsidiaries, including AzeriCard processing center and International Leasing company continue to operate.

 

Agrarcredit CJSC’s share at IBA was transferred to the state. So, share of the state in bank increased to 96.5%. 

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