IBA-Moscow invested $1.5 billion in the Russian economy

Most of the finance raised by Azerbaijani banks in Russia, accounts for Russian banks in Baku.

According to the CEO of the CBA Rashad Orujov in Gabala at the round table "Development of cooperation between Azerbaijan and Russia in the field of banking," $300 million from $ 550 million was raised by Vneshtorgbank and Bank Nikoil. In Azerbaijan since 2010, a representative of Rosselkhozbank has been acting, but it has not yet attracted funds.

Correspondent relations with Russian banks have been established by 35 of the 43 banks operating in Azerbaijan, Orujov said at an event within the V Azerbaijan-Russian interregional forum. According to him, much more Azerbaijani finance has been invested in the Russian banks – the funding at IBA-Moscow (a subsidiary of International Bank of Azerbaijan) alone is $ 1.5 billion.

CBA CEO reported that in 2013 remittances from Azerbaijan to Russia totaled $ 300 million, and from Russia to Azerbaijan - $ 1 billion.

In Russia, there are two Azerbaijani banks - IBA-Moscow and the representation of Muganbank.

Foreign capital is present in 22 domestic banks, whose share is 67%. In 14 banks the share of foreign capital exceeds 50%. - 17D-