Baku, FinanceTime.  Management of the International Bank of Azerbaijan (IBA) decided to stop sponsorship of professional sport club INTER. The step was taken in frame of the restructuring and optimization processes of the bank. 

“In accordance with new strategic goals limitation of the IBA’s sports support will help the bank to optimize its expenses and direct resources to the sphere of finance and banking, which are priority.This will increase efficiency of recovery processes, held with support of the government” - said Khalid Ahadov, Chairman of the Board of the IBA.

Legal and technical issues of this matter will be solved in stages in accordance with the legislation. Following the bank’s appeal to the Azerbaijan Football Federations Association (AFFA), INTER will receive all the necessary support for participation in games till the end of the season. The bank will remain as founder of the club and its management will be transferred to the professional team according to the contract. The club is open for the new sponsorship offers and all interested should contact the AFFA.

All licensing liabilities (including financial guarantee in frames of licensing process) will be fulfilled by the IBA.