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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Int’l Bank of Azerbaijan calls directions for use of $1 bn SOFAZ deposit

Posted on 07 October 2016

The State Oil Fund of Azerbaijan (SOFAZ) has become the main investor of the International Bank of Azerbaijan (IBA). IBA deputy chairman of board Elmir Gabibullayev says that SOFAZ opened a deposit for $1 bn at the Bank. “Those money will be used to cover the Bank’s liabilities abroad,” Gabibulayev said.
He added that currently the Bank is taking measures to optimize costs, and one such of such measures is a decision associated with activity of the International Insurance Company……………………………………Full Article: Source


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