Thirteen Azerbaijani banks to terminate Golden Crown transfer system

Photo: Thirteen Azerbaijani banks to terminate Golden Crown transfer system / Business News

Baku, Azerbaijan, Dec.27
By Emin Aliyev- Trend:

Thirteen Azerbaijani banks will stop rendering Golden Crown money transfer services as from January 15, 2014, Xalq Bank said today.

'This decision was made by banks due to the low profitability of transactions conducted in the system and the ineffectiveness of cooperation with the company', the report said. 'The long negotiations with the system initiated by a group of banks which continued throughout the year have unfortunately not yielded positive results. The banks were forced to take a decision to terminate the service via this system'.

According to the report, the International Bank of Azerbaijan, Xalq Bank, Kapital Bank, Bank Standard, Bank Technique, Bank Respublika, Unibank, DemirBank, Muganbank, Bank of Baku, AtaBank , AccessBank and Bank of Azerbaijan are also terminating operations with this system.

Translated by NH
Edited by SM

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