ABB has a subsidiary bank in Russia, and the bank has many years of management experience in that market.
Modern.az reports that this was stated by Abbas Ibrahimov, Chairman of the Board of ABB, at a press conference on ABB's Sustainability Report.
According to him, the bank once had a subsidiary bank in Georgia:
“Later, by the decision of the shareholders, the activity of that institution was changed and switched to an investment and financial-oriented model. The decision was that the bank should grow gradually and operate as a financial institution. This model has already proven itself.”
A. Ibrahimov emphasized that the process of exiting the Georgian market was completed years ago, and in the next stage, only a small structure engaged in managing loans operated:
“This was mainly aimed at managing processes. We made that decision about 7-8 years ago.”
The chairman added that the subsidiary bank in Russia is currently operating sustainably and does not need additional financial support:
“Our bank shows good profitability and there is no need to attract additional funds. It operates with a boutique bank model, not a universal bank. The main activity of the bank in Russia is to serve the trade turnover between Azerbaijan and Russia, as well as to carry out operations in the direction of transfers of individuals in recent years,” the bank official noted.
