Russia Increasingly Trusts "Daughter" of IBA

The maximum amount of a bank guarantee for the company IBA-Moscow has quadrupled.

Yesterday the relevant order was issued by the Federal Customs Service (FCS). If earlier, the ceiling was at 35 million, now it is at 140 million rubles at the maximum lump sum of total operating bank guarantees of 700 million (there used to be 170 million) rubles.

According to the International Bank of Azerbaijan (IBA), the appropriate changes are made in the Register of banks and other credit institutions and insurance companies having the right to issue bank guarantees for payment of customs duties and taxes, approved by Order of the FCS of Russia from the second in September 2013.

Recall FCS since January 2010 includes LLC Bank IBA-Moscow in the Register of banks entitled to issue bank guarantees payment of customs duties and taxes. Bank guarantee in favor of the FCS is provided to customs brokers and carriers, owners of temporary storage warehouses, etc. The inclusion of credit institutions in the above registry can reduce the annual cost of a bank guarantee for the bank's clients, as well as significantly reduce the time of its approval.

Bank IBA-Moscow (daughter of IBA) was founded in 2002. It is a universal bank with assets (as of 1 January this year) of  44.6 billion Russian rubles. Its network has offices in Moscow, St. Petersburg and Yekaterinburg.

In August last year, Moody's International Rating Agency assigned it the national scale rating at the level of Baa2, and Moody's Investors Service changed the outlook on the bank's rating on the international scale from B3 "stable" to B3 "positive". --17D-