PALMALI to Open Bank in Azerbaijan

Business Materials 12 February 2008 12:48 (UTC +04:00)

Azerbaijan, Baku, 12 February / Trend corr I. Khalilova / The PALMALI company officially applied to the National Bank of Azerbaijan (NBA) for permission to open a bank in the country, a source at the NBA said.

PALMALI intends to establish a bank with foreign capital. NBA sources did not divulge the foreign investors who would be willing to participate with PALMАLI.

The founders of the bank-to-be-established are going through the first stage of licensing, which will take 180 days, according to the Law on Banks. The second stage will take 30 days. However, it is not ruled out that should the documents which have been submitted to the NBA are ready, permission may be granted earlier.

There are 46 banks operating in Azerbaijan with 21 of them involving foreign capital. In 6 of the banks the specified weight of foreign capital varies between 50% and 100%, and in 13 banks it is under 50% with 2 being foreign bank branches.

PALMАLI is involved in cargo deliveries in the Mediterranean, Caspian and the Black Sea Basin. It is the largest company involved in transportation in Russian internal waters with a fleet comprising over 129 owned and leased vessels.

PALMALI mainly specializes in the transportation of oil products (petrol, gasoline, vacuum gasoline, stove fuel, and kerosene), crude oil, food, and industrial lubricants. Furthermore, the company has its own dry cargo fleet, which is used in the transportation of all types of dry cargo.

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