International Bank of Azerbaijan - International Expansion

International Expansion

In May 2008, the bank became the Azerbaijan source for the issuance of Eurobonds and American Express credit cards. In July 2008, the bank received permission from the U.S. Federal Reserve Board to open a representative office in New York City. The bank is expanding internationally. In the first six months of 2012, direct investment into Azerbaijan increased to $2.2 billion, which was a 27 percent increase over the same period a year earlier.