Azerbaijan, Baku /corr. I.Khalilova / The instable situation in Georgia delayed the plans of creating Caucasus Universal Exchange, initiated by Azerbaijan in Tbilisi in May 2007.
The Executive Director of the Association of Banks of Azerbaijan, Farhad Aliyev, said that unofficial talks amongst the banking societies are being held in this direction.
"Creating such a financial structure this year is not actual due to the events in Georgia. I think that such integration is very important for the banking systems," Aliyev said.
The integration is expected to take place in several stages. The experts consider that grounds have already been prepared to establish universal exchange with the coverage of Azerbaijan and Georgia and joining of other countries. Infrastructure integration is already in existence, there are pipelines, transport corridors whish are on the focus of attention of the two countries. Azerbaijani banks, including International Bank of Azerbaijan, already open daughter companies in Georgia and the State Oil Company of Azerbaijan began investing in the Country. In addition, the Georgian TBC Bank is preparing to join banking market of Azerbaijan as branch.
Following banks, the insurance companies also may join the Georgian market.