The International Bank of Azerbaijan subsidiary bank (IBA-Moscow) has opened an affiliate in Yekaterinburg, Russia. The move is a part of the bank’s program on developing its network of subsidiaries in Russian regions, IBA press service said on Monday.
Other than the Russian capital, IBA-Moscow is also operating an affiliate in St. Petersburg. IBA is expected to open another subsidiary in Moscow shortly. In total, the bank plans to continue branching out, with several new affiliates to open in the center of Moscow, Russian regions and provinces.

The IBA-Moscow board chairman Fuad Abdullayev said the expansion of the bank’s network will serve the development of Russian regions, as well as broadening of Russo-Azeri economic and finance relations.

The new affiliate to employ 20 people will provide a wide range of services to its clients, including opening of accounts for legal entities and private individuals, money transfers, allocation of loans, etc.

IBA-Moscow, a subsidiary bank of the International Bank, has a charter capital of 10 million euros. IBA also operates official representations in London, Frakfurt and Istanbul.