The Moscow branch of the International Bank of Azerbaijan (IBA-Moscow) has been selected as one of the most strategically significant financial institutions in Russia, the bank announced on Monday.
IBA-Moscow joins Sberbank, VTB Bank Group, BNP Pariba, Deutsche Bank, XKF Bank, Alfa Bank, Promsvyazbank and Raiffeisenbank on the list of strategically significant banks as determined by the Russian government. The list is based on the financial strength of each bank's assets and other financial health indicators.
Financial institutions on the list will likely be involved in development projects to help the Russian economy, which has been struggling with a depreciating national currency, falling oil prices and continuing sanctions from the West.
The Moscow branch of the IBA was opened in 2002 to establish and facilitate trade and overall economic relations and cooperation betweenthe Republic of Azerbaijan and the Russian Federation. The IBA is Azerbaijan's largest bank dealing with international finances and the banking sector overall.