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Azerbaijani bank planning presence in Qatar

International Bank of Azerbaijan (IBA), the country's largest lender has revealed plans to have an Islamic banking subsidiary in Qatar by the end of this year as it develops its regional Islamic finance capabilities, Reuters has reported. IBA, 50.2% owned by Azerbaijan's finance ministry, would then start operating in Qatar in the first quarter of 2013, Behnam Gurbanzada, IBA's director of Islamic banking, said. The new branch would be the bank's second into the Gulf region, after it set up a representative office in Dubai in 2008, and only its third overseas subsidiary after Russia and Georgia.