IBAR, Kapital Bank win ministry's tender

The State Social Protection Fund (SSPF) under the Azerbaijani Ministry of Labor and Social Protection of the Population has summed up the results of two open tenders for banking services, Report informs.

The winners of the tenders were the International Bank of Azerbaijan OJSC (IBAR) and Kapital Bank OJSC.

The winning banks will be paid 16.206 million manats ($9.51 million) and 15.988 million manats ($9.38 million), respectively - a total of 32.194 million manats (just under $18.9 million).

The tender was held to ensure banking services provided for the non-cash transfer of wages, payments for compulsory insurance, labor pensions, social benefits, social assistance, pensions and compensations and other transactions.