International Bank of Azerbaijan
The International Bank of Azerbaijan (IBA) is the winner again this year after faring better than other Azerbaijani banks amid the difficult conditions of 2002.
The bank maintained its profitability and achieved an ROE of 33%. It posted gains in assets and Tier 1 capital, which rose 18% and 71% respectively.
As part of their decision-making, the judges were impressed with the bank’s foreign and domestic expansion last year. In Azerbaijan, the bank extended its retail operations by adding three branches and increasing its cash machine network to 40. There are more than 140 IBA trade and service points.
The bank diversified its domestic business by establishing an insurance company called IIC, which offers 25 types of insurance and re-insurance to other domestic players.
Outside Azerbaijan, IBA set up a subsidiary in the crucial Russian market last year and opened a representative office in London.
“The International Bank of Azerbaijan actively assists in the economic development of the country as a whole and promotes stability in the Azerbaijani banking market,” remarked Jahangir Hajiyev, the bank’s chairman.
