Turkish Citibank Receives License to Open Representation in Azerbaijan

Business Materials 20 February 2008 17:58 (UTC +04:00)

Azerbaijan, Baku, 20 February /corr. Trend I.Khalilova / The Board of National Bank of Azerbaijan (NBA) has provided a license to the Turkish Anonymous Company of Citibank, which plans to open its representation in Azerbaijan, the Head of NBA Department for Control on Credit Organization, Adishirin Gasimov, said on 20 February.

According to him, the US bank opened its representation in Azerbaijan via Turkish office. Citibank appealed to the NBA, and on 18 Feb 2008- NBA Board approved the license for the bank.

Citibank has large plans for the country and will carry out its banking operations by transforming the representation into a branch.

The representations of the two banks, Latvian Parex Bank and German Commerz Bank, function in the Country.

According to Gasimov, the foreign banks display a large interest in the Azerbaijan's finance market. Interest to participate in the local market has already been displayed by French Society General, Russian VneshtorgBank [it has already appealed to NBA] and Georgian TBC Bank [it has already signed an agreement on acquisition of 75% shares of non-banking organization SOA Credit].

At present, some 46 banks function in Azerbaijan.