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IIB Azerbaijan Investment Limited (Azerbaijan )
In August 2007, International Investment Bank (IIB) acquired an indirect 49% stake in Amrahbank Azerbaijan equivalent to a USD 20 MM investment in the bank. Amrah Bank is a fast growing commercial bank in Azerbaijan established back in 2003 with key focus areas being retail and corporate banking. Amrah Bank has a network of around 28 branches spread throughout Azerbaijan with the main geographic concentration in the capital city of Baku.
The projected returns from the investment are around 21% p.a. Subsequent to the successful placement of the deal, the investment is currently in its post acquisition stage.
The conversion of Amrahbank to Islamic retail banking status is currently in progress. Ernst & Young Bahrain is assisting IIB in the Amrahbank conversion process. Significant progress has been achieved on this front. The Asset management team of IIB and Ernst & Young Bahrain intend to conclude the conversion process by end of FY 2011, following which Amrah Bank will be able to offer diversified Shariah compliant retail and corporate banking products to its clients.
Amrahbank has registered a USD 0.2 Million profit in FY 2010. Currently the business model of Amrahbank is being updated and work on expanding its deposit base through the launch of a fund is also in progress.
« « Existing Investments
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