The International Bank of Azerbaijan's (IBA) Moscow branch has announced that it has paid off its financial obligations to creditors.

The loans came from Western and Latvian banks, including Raiffeisen Bank International AG, Bayernlb, Baltikums Bank AS and Rosbank of Russia. Bi-currency syndicated loans totaled 26.7 million euros and $8.33 million.

This is the second time this year that IBA-Moscow has fulfilled its financial obligations to a lending syndicate, both within the fourth quarter of this year.

The IBA is the largest bank in Azerbaijan that deals with foreign currency and international finance, and it is a leading bank overall. It has branches in Russia and Georgia. The bank's 36 branches and nearly 100 service outlets are strewn across 40 cities. Its Russian branch, IBA-Moscow, began in 2002 as an effort to improve trade and economic relations between the Russian Federation and Azerbaijan.