Three Banks Join Azerbaijan’s Processing Center

Business Materials 29 February 2008 18:56 (UTC +04:00)

Azerbaijan, Baku, 29 February /corr. Trend I.Khalilova / The processing center Azerikard belonging to the International Bank of Azerbaijan signed a general agreement on connection of Kauthar Bank, Pasha Bank JSC and joint-commercial Avrasia Bank to the processing center, a source stated in the center. Thus, the number of the banks serving via Azerikard increased up to 30.

At the initial stage, the banks intend to issue local cards, but Pasha Bank and Avrasia Bank have already appealed to the international payment systems.

Today, the number of the cards issued via Azerikard reached 2.9mln, an increase of more than 1mln. The representatives of the center do not expect such gallop in the next years. Last year, the rates of card increase in Azerbaijan exceeded expectations.

Large part of the issued cards fell on the social and salary cards issued by the International Bank of Azerbaijan and Kapital Bank. They make up 91% of the market. They are trailed by Texnikabank, Bank of Baku, Azerigazbank, Bank Standard and Bank Respublika

The number of the operations in the card market last year increased by more than two times, from 13mln to 28mln, and turnover from AZN 881mln to AZN 2 380mln.

The number of the banks serving via Azerikard decreased after the banks (Azerdemiryolbank, UniBank and Zaminbank) transferred their card business to Millikard LLC (it has 18 shareholders).