(MENAFN- Trend News Agency)
BAKU, Azerbaijan, Feb. 15
By Sadraddin Aghjayev – Trend:
Representatives of IBA-Moscow bank held meetings with employees
of Azerbaijani financial institutions during their visit to Baku
and told Trend about the goals of the visit and work done within it.
According to Tamilla Doroshenko, director of the bank's
correspondent accounts and international operations department, the
purpose of the visit was to solve business problems with partners
of the IBA-Moscow Bank, as well as to discuss issues of cooperation
on products to support foreign trade operations between Azerbaijan
and Russia.
'During the business visit, we discussed with partners the
prospects for cooperation and further development of partnerships,
business development plans for Russian and Azerbaijani
entrepreneurs, and the role of the bank in helping businesses enter
the foreign economic market,' she added.
Svetlana Lunkova, director of the Business Development
Department of IBA-MOSCOW Bank, said that the bank specifies the
expansion of participation in the development of trade relations
between Azerbaijan and Russia as a key aspect.
According to her, the main goal of the bank is to provide
high-quality service to its customers and develop technological and
marginal products.
'Our bank is moving towards the technology and digitalization
development, attracting highly qualified specialists, as well as
establishing new strategic partnerships with organizations aimed at
enhancing trade and export relations between Russia and Azerbaijan.
This is a strategic focus,' Lunkova noted.
She also noted that the provision of standard financial services
is no longer a competitive advantage.
'It is important to accompany the client at all stages of
business development, helping in solving daily problems, and
providing companies with services in audit, consulting, transaction
support and taxation,' the bank's representative further said. 'It
is significant that our personal bank expert, in addition to
carrying out exchange control of current turnkey operations, will
help to formalize the transaction given the requirements of
Azerbaijani legislation, carry out a preliminary examination of the
foreign trade contract, and assist in resolving any issues and
non-standard situations related to the conduct of the foreign
economic activity.'
'We strive for being not just a servicing institution, but
become a reliable financial partner to promote the business
development of our client,' stressed Lunkova.
She also stated that the bank has significantly expanded its
line of business loans, and its customers can choose a product
depending on the current task.
According to her, such products of the bank as 'Investment loan'
(to expand production) and 'Revolving loan' (to increase the
turnover of the client's business) are presently in demand.
'For those who decide to purchase commercial real estate, we
offer a convenient and profitable 'Commercial Mortgage', and for
entrepreneurs who need a car park for doing business - 'Commercial
Car Credit'. For companies participating in foreign economic
activity, as well as for those who only plan to enter the foreign
market, we propose a Finite Element Analysis (FEA) package that
includes a full range of support services, including assistance in
the foreign trade contracts preparation, individual consultations,
training of company employees, verification of counterparties, and
others,' Lunkova said.
Furthermore, the FEA package allows companies to reduce the cost
of currency control, money transfers abroad and get a number of
other benefits through comprehensive support.
The department's head also noted that for individuals, the bank
launched a new money transfer service between Russia and
Azerbaijan, Granat, which allows the quick and profitable transfer
of funds in Russian rubles, Azerbaijani manats, dollars, and
euros.
'We are aimed at maximizing the use of digital technologies in
our interaction with clients. Our ongoing dialogue with the
international business environment showed that the possibility of
prompt, literally in one or two“clicks”, and solving the problem
are among the most demanded services,' she pointed out. 'We
assessed the situation and came to the conclusion that despite
global informatization, companies simply do not have enough time to
look for potential partners and new distribution channels.'
Currently, according to her, the need for business
diversification has increased many times in an environment where
the business needs additional stability.
'Azeri-Russian Desk (ARD) platform is necessary for participants
in foreign economic activity, precisely companies planning to
expand business with foreign partners or decide to enter a foreign
market,' Lunkova said. 'In a convenient business marketplace
format, there are some offers from Russian and Azerbaijani
industrial companies: food industry, metallurgy gia, non-food
products, logistics, chemical and automotive industries and a
number of others.'
'The search process is automated, and the company only needs to
fill out a simple form on the website ( ). The process is
controlled by a personal manager who can advise the client at any
stage. It is important for us to maintain individual interaction
with the client during the total digitalization of services, to
encourage his trust in the bank,' she noted.
She emphasized that the task of ARD, as well as other products
of the bank, is to give the client maximum simplicity and
convenience during work.
'In this regard, we have formed an expanded package of services
available to any ARD user: transfers of funds between Russia and
Azerbaijan with a commission of 0 rubles, currency control services
on preferential terms, conversion operations at favorable rates,
assessment of the company's export potential, due diligence of
foreign counterparties, and others,' the bank's representative
said. 'ARD has additional services from our partners, including
insurance and legal services, as well as intellectual property
protection, logistics and customs services, consulting and audit,
and a number of other utilities necessary in foreign economic
activity.'
'The demand for financing the supply of various products has
recently increased, as a rule, these are unsecured loans. The
growth in the financing of product supply contracts is associated
with the growth of trade transactions and their features, for
example, if a manufacturer supplies its goods to a distribution
network, then a payment deferment is possible, and we are ready to
lend to such contracts,' Lunkova added.
The department head also touched upon the issue of COVID-19
pandemic consequences' impact on IBA-MOSCOW Bank.
According to her, the bank has accepted all the challenges of
the COVID-19 pandemic and post-COVID-19 pandemic and is
consistently moving forward in accordance with its strategic
goals.
'All market participants experienced a hard period in these
difficult conditions. IBA-MOSCOW Bank is stable thanks to strong
shareholder - the International Bank of Azerbaijan,' the director
of the department said. 'Of course, in these circumstances, we have
changed our activity aimed at supporting customers, maintaining the
pace of development and achieving the targets.'
'The bank pays special attention to the development of remote
customer services, information technologies, the settlements of
transactions in national currencies, in which we traditionally have
strong expertise, and created new products that are in demand
today,' she said. 'We have successfully adapted the strategy and
business processes, as well as have created the remote work for
employees.'
“The bank's strategic priorities, namely, the support and
stimulation of the development of trade relations, active
development of high-tech products and services for business,
expansion of the range of services for Azerbaijani citizens living
in Russia, have not changed at all,” she pointed out.“But I would
like to stress that the intensity of work has greatly increased. We
face the task of not only maintaining, but also expanding a
high-quality client base. Despite our shareholder is the
International Bank of Azerbaijan, we are a full-fledged Russian
bank.”
“First of all, we focus on cooperation with the corporate
sector, including the companies that conduct foreign economic
activity and participate in trade relations between Russia and
Azerbaijan. Our goal is long-term cooperation,” added Lunkova.
Roman Shvets, head of the treasury of IBA-MOSCOW Bank,
highlighted the issue of doing business with Azerbaijan.
According to Shvets, the bank in its activity relies on the deep
knowledge of the regulatory and legislative framework of Azerbaijan
and Russia and the national characteristics of the peoples of the
two countries.
“Besides knowing the common cornerstones of business, foreign
businesses in each country should take into account the specifics
and details that can greatly affect success,” he noted.“There are
no trifles in this, therefore, the Russian and Azerbaijani
companies, which plan to participate in foreign economic activity,
appeal to us for high-quality expertise. It is obvious that remote
services have come to the fore.”
“We have good project experience in implementing the modern
technological solutions, so after analyzing customer requests, we
have developed competitive products that not only help businesses
remain active amid restrictions but also provide additional
opportunities for development. The Azeri-Russian Desk platform and
the Granat translation service testify to this,” Shvets said
Besides, according to the head of treasury, there is no great
difference between doing business in Russia and Azerbaijan.
“The business structure here and there is almost the same: the
business processes are being actively automated. The modern
technological IT solutions are being used and human resource
development programs are being integrated,” he noted.
“Business understands that it is possible to maintain high
competitiveness in any market segment only this way, in terms of
the digital economy,” concluded Shvets.
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