Another Azerbaijani Bank Opens Branch Abroad

Business Materials 11 February 2008 17:37 (UTC +04:00)

Azerbaijan, Baku, 11 February / corr. Trend I. Khalilova/ The business bank Zamin Bank of Azerbaijan has opened a branch abroad, in Moscow, Nadir Ismayilov, the chairman of the Supervisory Board of the bank said.

According to Ismayilov, the Central Bank of Russia granted a license to Zamin Bank until 2 September 2010. [Unlike Azerbaijan, the Central Banks in other countries grant licenses to representatives of foreign bank on a temporary basis.]

The new representation in Russia will provide new opportunities to expand the coverage zone of the international system of the Caspian Money Transfer established by Zamin Bank in 2007. Ismayilov said. The bank believes there are prospects of opening representative banks in other CIS countries ( Commonwealth of Independent Countries).

Currently the International Bank of Azerbaijan opened its foreign finance market and has representatives in London, Luxembourg, Dubai and Frankfurt and subsidiary banks in Moscow and Georgia.

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