Azerbaijani bank postponing acquisition of international rating to 2009
Azerbaijan, Baku, Dec. 26 / Trend corr N. Ismayilova / Azerbaijani-based Bank of Baku will consider the question on acquisition of international rating only in 2009, Jalal, Gasimov, president of the bank, said.
"The leading rating companies' conferment of the highest ratings (AAA level) on securities, which played a basic role in boosting global financial crisis, put the current methods under suspicion which were used to confer ratings on financial institutions," Gasimov said.
Earlier, the bank planned to launch the process of acquiring rating already in 2009.
Bank of Baku was founded in 2005 as a result of confluence of two local banks. The European Bank for Reconstruction and Development became shareholder of the bank in 2005.
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