{"id":189140,"date":"2018-03-16T20:03:24","date_gmt":"2018-03-16T20:03:24","guid":{"rendered":"https:\/\/www.meydan.tv\/article\/iba-to-close-russian-and-georgian-subsidiaries\/"},"modified":"2018-03-16T20:03:24","modified_gmt":"2018-03-16T20:03:24","slug":"iba-to-close-russian-and-georgian-subsidiaries","status":"publish","type":"post","link":"https:\/\/www.meydan.tv\/en\/article\/iba-to-close-russian-and-georgian-subsidiaries\/","title":{"rendered":"IBA to close Russian and Georgian subsidiaries"},"content":{"rendered":"<figure class=\"wp-block-image size-large\">\n  <img decoding=\"async\" src=\"https:\/\/www.meydan.tv\/az\/international-bank-of-azerbaijan\/\" alt=\"International Bank of Azerbaijan\" class=\"wp-image-87374\"\/><figcaption>\n    International Bank of Azerbaijan<br \/>\n  <\/figcaption><\/figure>\n<p>\n  The International Bank of Azerbaijan (IBA)<br \/>\n  <a href=\"https:\/\/www.ibar.az\/az\/news\/azerbaycan-beynelxalq-banki-rusiya-ve-gurcustan-bazarini-terk-edir\/\" target=\"_blank\" rel=\"noopener\"><br \/>\n    announced<br \/>\n  <\/a><br \/>\n  \u00a0a decision to close its Russian and Georgian subsidiaries, IBA Moscow and IBA Georgia.\n<\/p>\n<p>\n  Chairman of the Board of the IBA, Abbas Ibrahimov, said that the decision had been made at a shareholder meeting on 14 March, \u201ctaking into account the economic efficiency\u201d of the foreign subsidiaries. According to the official announcement, the bank will meet all of its obligations to clients.\n<\/p>\n<p>\n  Last year, the IBA filed for<br \/>\n  <a href=\"https:\/\/www.wsj.com\/articles\/international-bank-of-azerbaijan-seeks-u-s-court-protection-1494618685\" target=\"_blank\" rel=\"noopener\"><br \/>\n    bankruptcy<br \/>\n  <\/a><br \/>\n  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<br \/>\n  <a href=\"\/en\/article\/ny-court-rejects-suit-of-international-bank-of-azerbaijan-creditors\/\" target=\"_blank\" rel=\"noopener\"><br \/>\n    rejected<br \/>\n  <\/a><br \/>\n  by the court.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shareholders decided the subsidiaries were no longer economically efficient<\/p>\n","protected":false},"author":11,"featured_media":87374,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[48],"tags":[],"class_list":["post-189140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","infinite-scroll-item","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - 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