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Saturday, March 24, 2018

International Bank of Azerbaijan, Sberbank team up

The International Bank of Azerbaijan (IBA) said on Friday that it has signed a memo of understanding and an agreement of cooperation with Sberbank, based in Russia.

Priorities with the agreement include the investment into joint projects and facilitating and encouraging trade between the Russian Federation and the Republic of Azerbaijan, as well as in additional nations where each entity has subsidiaries and branches.

IBA Chairman Jahangir Hajiyev and Sberbank CEO and Chairman German Gref signed the agreements.

IBA is considered Azerbaijan's leading bank, with assets of approximately $12 billion, and is one of the main banks in the country that supports the nation's economic and banking development. It has branches in Russia and Georgia, and office representation in London, Frankfurt, New York, Dubai and Luxembourg.

Sberbank is recognized as a leading Russian financial institution, holding approximately one-third of the federation's banking assets.

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International Bank of Azerbaijan

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