Increase Number of Banks Lead to Health Competition Among Credit Institutions of Azerbaijan: Trend Capital’s Expert
Azerbaijan, Baku / corr. Trend / Some 44 bank organizations are functioning in Azerbaijan and the National Bank is planning to issue license two more Azerbaijani banks, Pasha Bank and Eurasia by the end of 2007.
Bank sector is one of the most developed spheres after oil in Azerbaijan.
Increasing the number of banks leads to health competition among credit institutions. Banks will render more quality services to population.
Azerbaijani banks have already expanded the list of rendered services and upgrade technologies in compliance with the existing competition in the market. Most banks began rendering leasing operations, mortgage and consumer crediting.
Summary assets of Azerbaijani banks made up AZN 5,124,7 in 2007.
Development of economy and increase of Value Added Tax becomes relevant reason for rise of assets.
Assets of Azerbaijani bank system will reach AZN 10bln in the near future.
(Leyla Abdullayeva is the export of the analytical centre of Trend )