Baku, Azerbaijan, Aug. 31
By Azad Hasanli – Trend:
Azerbaijan’s Zaminbank doesn’t intend to sell international Caspian Money Transfer system founded by the bank, Deputy Chairman of the Board of Zaminbank Nigar Nagiyeva told Trend.
Activity of the first Azerbaijani international Caspian Money Transfer system was suspended after the revocation of the Zaminbank’s license July 21, 2016.
“Now we are focused on the process of liquidation of the bank, so the fate of the Caspian Money Transfer is not yet decided, but we don’t want to sell it,” said Nagiyeva. “Caspian Money Transfer will continue its work, but most likely, after it is registered in a foreign country.”
The fact is that this system is a subdivision of Zaminbank, and the existing legislation doesn’t allow it to operate. Therefore, Zaminbank’s management will have to register the system abroad to ensure its work.
Nagiyeva said that the bank considers the possibility of registering Caspian Money Transfer in Turkey or Russia. However, this issue will be considered after the completion of the liquidation process of the Zaminbank.
Caspian Money Transfer operates directly in all CIS countries, and it provides money transfers to the countries of Europe, North and South America through partnership systems. In total, the system has two million points (own ones and partner ones) around the world.
Zaminbank started its activity since November 16, 1992. Three individuals are the bank's shareholders.