The Milli Bank (the central bank) has approved the issue of banking operational rights (license) to the National Bank of Pakistan (NBP), a commercial institution to start its activity in Baku next week.
Following the announcement, the chairman of the Milli Bank, Elman Rustamov told Trend that the corresponding decision was made on June 30.
“They [NBP] can be granted a license in July, at the same time with Azerkredit bank. However, yet the Azerkredit bank has failed to introduce its administrators to us,” Rustamov noted.
The National Bank of Pakistan will operate with the initial capital stock of 5.2 million U.S. dollars.
There are 42 banks currently operating in Azerbaijan; that number, with NBP and Azerkredit, is set to rise to 44.