Biggest German Bank Appeals to Azerbaijan National Bank Regarding Opening Representation in Azerbaijan

Business Materials 21 September 2007 19:36 (UTC +04:00)

Azerbaijan, Baku / Trend corr. I. Khalilova / The German Commerce Bank appealed to the National Bank of Azerbaijan (NBA) to obtain permission for opening its representative office in Azerbaijan, Rufat Aslanli the Deputy Chairman of the NBA representative said on 21 September.

The NBA may give its permission for opening the representative office by the end of 2007. Despite the Azerbaijani legislation requiring six months for permission, these rules are not observed in certain cases.

The appeals of the Commerce Bank have already being studied by the NBA. According to the Deputy Chairman, negotiations for opening representative offices in Azerbaijan are being held with the US City Bank, and also the French Societe Generale Bank is interested in participating in the Azerbaijani bank system, Aslanli said.

Most foreign banks' interest in the Azerbaijani bank system increased due to the recent economic development taking place in Azerbaijan.