The Russian Federal Customs service has increased maximum banking guarantees for individual banks by $2.3 million to approximately $11.7 million over the entire banking sector, the International Bank of Azerbaijan's (IBA) Moscow announced Wednesday.
With this change crediting institutions outside of the federation's banks and insurers are to be included in determining new guarantee requirements. Prior to the change individual guarantees had a maximum of approximately $582,856 and $2.8 million for the entire banking sector.
According to the IBA this change allows bank clients to save in annual costs and reduces approval time.
IBA-Moscow was established in 2002 in order to bridge the Republic of Azerbaijan and the Russian Federation and to improve economic and trade relations between the two countries. At the beginning of this year the bank reported assets of approximately $743 million. The branch has offices in Moscow, St. Petersburg and Yekaterinburg. The IBA has subsidiary banks in many countries within the Commonwealth of Independent States.