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Global financial crisis doesn’t significantly impact on Azerbaijani banks: former German minister

Business Materials 19 February 2009 19:02 (UTC +04:00)

Azerbaijan, Baku, Feb. 19 / Trend , A.Badalova/

The global financial crisis has not significantly influenced Azerbaijani banks, UniBank Supervisory Board member Ernst Welteke told reporters on Feb. 19. Unibank is a large bank in Azerbaijan.

"Impact of the ongoing global financial crisis on local banks is mainly impediment to inter-bank lending," said Welteke. Earlier he was Economy and Finance Minister of Hessen, Germany and European Central Bank Governing Council member.

As far as impact of the global financial crisis on UniBank is concerned, the bank remains highly solvent and secure, he said.

"Of course, UniBank, like other local banks, has felt impact of the financial crisis, for the bank had international loans and financial support. But Unibank has suffered much less than banks in Germany," Welteke said.

The National Bank of Azerbaijan has done its utmost in such a situation. But situation in Azerbaijan hinges on liquidity of banks rather than on NBA's actions, he said.

"The main task of the banks should be to attract more investors. This can be done only if banks enjoy confidence," Welteke said.

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