Int'l Bank of Azerbaijan establishes subsidiary for asset management, investment activities

BAKU. Oct 20 (Interfax) - The International Bank of Azerbaijan (IBA), the country's largest bank, has established a subsidiary, ABB-Asset Management LLC, to conduct asset management and investment activities, the country's State Tax Service told Interfax.

The service said that the authorized charter capital of ABB-Asset Management totals AZN 1 million. Hasan Aminov is the company's official representative.

This brings the total number of the bank's subsidiaries, located in Azerbaijan, Georgia, the Russian Federation, and Uzbekistan, to eight.

Founded in 1992, the IBA holds a 92.2% stake in its authorized charter capital, with 17 legal entities and 35,100 individuals holding the remaining shares.

The official exchange rate as on October 20, 2026, is AZN 1.7/$1.