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Azerbaijani Azerdemiryolbank to operate in British pounds sterlings

Business Materials 27 July 2009 15:35 (UTC +04:00)

Azerbaijan, Baku, July 27 / Trend /

Azerbaijani Azerdemiryolbank set up a correspondent account in British pounds sterlings in the London office of Deutsche Bank on July 9. Deutsche Bank is one of the largest banks of Germany and whole Europe, the bank said. 

"Extension of range of Azerdemiryolbank's services caused necessity in opening correspondent account in British pounds sterling. New account will give Azerdemiryolbank's clients new opportunities, including conducting international payments and opening of plastic cards in British pounds sterling," deputy chairman of bank board, Yusif Jabbarov, said.    

At present, only several leading banks of Azerbaijan have correspondent accounts in British pound sterlings. Azerdemiryolbank also has correspondent accounts in euro and US dollars in Deutsche Bank, which is one of its key partners for a long time in the area of settlement transactions. In the future these two banks expect to widen their co-operation.

Being one of the Azerbaijani first banks Azerdemiryolbank was established in 1989. Among its shareholders are such large international financial institutions as the European Bank for Reconstruction and Development and Dutch Financial Development Company (FMO). Azerdemiryolbank is numbering 32 branches and sub-branches in Baku and regions.

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