The International Bank of Azerbaijan (IBA)
announced
a decision to close its Russian and Georgian subsidiaries, IBA Moscow and IBA Georgia.
Chairman of the Board of the IBA, Abbas Ibrahimov, said that the decision had been made at a shareholder meeting on 14 March, “taking into account the economic efficiency” of the foreign subsidiaries. According to the official announcement, the bank will meet all of its obligations to clients.
Last year, the IBA filed for
bankruptcy
in New York, seeking the protections offered by US bankruptcy law as the bank restructured $3.3 billion in debt. The IBA was sued in the US by a group of creditors over the debt restructuring, but that lawsuit was
rejected
by the court.
