Baku-headquartered International Bank of
Azerbaijan (IBA) plans to increase its focus on retail banking and
extend the retail products, in order to involve cash from
the local market.
The chairman of the
IBA board of directors, Jahangir Hajiyev, said, “We have
great prospects and plans on retail services development.”
According to Hajiyev, some new products have already
been launched – such as the gold deposit product, that allows
customers to place a deposit in gold.
Other retail products will be issued “as soon
as they are ready” with the aim of raising “the population’s
funds”, said Hajiyev.
In Hajiyev’s opinion, it is “not the right
time for carrying out an active investment policy outside the
Hajiyev added, “If earlier European banks were
the main source of funds now the donors themselves lack
“In these conditions we will actively develop
our strategy of retail services. We have not used and
developed niche of retail operations till the end.”
IBA has been in operation since 1992.