IBA-Moscow was entered on Thursday into the official register of state and municipal procurement provision guarantor banks.
The bank can now officially supply goods for state and municipal needs and operations. The decision was made by the Federal Treasury in accordance with the decision of the Office of Regional Operations, the Azerbaijan State Telegraph Agency reports.
The officially registered status ensures that the bank has the right to issue bank guarantees for the implementation of state and municipal obligations. This is one of the most widespread methods of winning state contracts.
International Bank of Azerbaijan is a subsidiary of the Bank of Moscow. The Bank of Moscow was established in 2002 and is the largest bank in Russia and the South Caucasus region. The main priorities of IBA-Moscow include the development of trade and economic relations between Russia and Azerbaijan.
IBA-Moscow has assets of $915 million and shareholder's equity of $83.5 million. The bank has offices in Moscow, St. Petersburg and Yekaterinburg, the Azerbaijan State Telegraph Agency reports.
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