British magazine "The Banker" recently named the International Bank of Azerbaijan "The Bank of the Year," underlining its successful recapitalization and introduction of Islam banking as among its advantages.
The International Bank of Azerbaijan is a major state-owned bank that holds at least 40 percent of all bank assets in the country, Azernews reports.
The award was given to Rufat Imamverdiyev, the head of IBA's representative office in London, at a Nov. 28 ceremony.
The IBA was established in 1990s as a successor of the Azerbaijani branch of Vnesheconombank. IBA holds a leading position in the domestic banking sector. Its main shareholder is the government, which holds a 50.2 percent stake. The rest of the bank is owned by private individuals and legal entities, according to Azernews.
The Banker noted IBA's growth of capital, which exceeded the growth of its assets allowing it to improv its capital ratio and create the basement for an increase of crediting.
"It became one of the important competitive advantages of the IBA and significantly improved its financial stability. It allowed the Bank to increase the number of its active transactions, implement strategic initiatives in all directions of its activity including introduction of the up-to-date system of client interaction management," the magazine said, Azernews reports.
IBA's authorized capital is currently $470 million.
- National Bank of Ukraine removes restrictions on foreign-currency transactions, investment metals
- Black Sea Trade & Development Bank visits Azerbaijan to boost business relationships
- VTB Bank finances three new planes for SunExpress airline
- National Bank of Ukraine makes it easier for businesses to invest abroad
- National Bank of Ukraine eases lending regulations for deposit guarantee funds to other banks
- Black Sea Trade and Development Bank, Russian Federal Corp. for SMEs support business growth
- Oleg Demidov named commercial director for Rosbank Factoring
- Eurasian Development Bank sells bonds on Kazakhstan Stock Exchange
- EY World Entrepreneur of the Year event to name world's top entrepreneur
- ACBA-CREDIT AGRICOLE, Microsoft parter for Armenian digital business technology seminar