Azerbaijan, Baku, Aug. 29 / Trend I.Khalilova /
Withdrawal of Russia's economy from recession positively affects the financial situation of the Azerbaijani regional bank - Ganja Bank (its head office is located in Ganja - to the west of the country), chairman of Ganja Bank, Fuad Musayev, said.
"Some 60 percent of Ganja's economy depends on the flow of financial resources from Russia by Azerbaijanis that, in turn, influences on the creation of new businesses and opening jobs," Musayev added." Our bank felt the offensive recession in Russia's economy under the influence of the global crisis by reducing the deposit base."
[The Russian government also says that Russia's economy, which injured seriously during the global recession finally leveled off and the figures give the ground to say that the decline in Russia's economy was completed and it enters the phase of recovery.]
Before the deepening of the crisis, since August, 2008, the deposit portfolio of the bank exceeded 3 million manat and currently it reaches 2.5 million manat. Further, the situation with drawing deposits gradually became better. According to Musayev, investors withdrew their deposits from the bank, as they feared cut in revenues from Russia, but the situation was improved gradually.
At present, Ganja Bank focused on the development of a branch network. The first branch was opened in Barda and it was planned to open a branch in Tovuz, Samukh, Mingachavir. However, the head of the bank thinks that it will be possible to open one of them in 2009.
In addition, the bank entered the card market of the country, becoming a member of the international payment system Visa International in 2009.
"Every month the bank sells 100 cards in Ganja, which is a good indicator for the region and today the number of cards issued exceeds 500", Musayev added.
At present, the assets of Ganja Bank are 35 million manat, the aggregate capital - 16.5 million manat, including share capital - 15 million manat.
Ganja Bank is the first regional bank (before the opening of the second regional bank - Nakchivanbank in 2008, it remained the only one). Under the state program on socio-economic development of the regions, the Government also gives great importance to the development of entrepreneurship in the regions, including the banks.
Ganja Bank operates since 1994.
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