Azerbaijan, Baku, Nov. 4 / Trend I.Kalilova /
IBA-Moscow plans to intensify its work on the Russian stock market as of 2011, Chairman Fuad Abdullayev told Trend today.
"We are registering in federal structures for a license to start working officially as a professional participant of the Russian stock market," he said "I think we will be able to pass all of the procedures by late 2010 and we can begin to work actively on the securities market next year."
Given the fact this is a new direction for the bank, IBA-Moscow created a special investment department, which will become actively engaged is this area of activity this year in accordance with the bank's new strategy for 2010-2015.
"We intend to offer our services to Azerbaijani banks that will be able to enter the Russian stock market through us, and thereby create investment portfolios," Abdullayev said.
He added this is a "very profitable line of business," and this is confirmed by the "results of investment companies in 2009," which showed high profit.
"Securities plunged in value during the crisis, but investment companies have invested in them, and now these securities rose in price by 100 percent in connection with the end of the crisis," he said. "Accordingly, the companies recorded a 100-percent profit."
IBA-Moscow is a subsidiary of the International Bank of Azerbaijan. IBA-Moscow is the first and only bank with 100-percent Azerbaijani capital in Russia. IBA-Moscow has created a network including offices in Moscow and branches in St. Petersburg and Yekaterinburg.
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