Azerbaijani Central Bank to call several banks for fusion or change of status

Azerbaijan, Baku, October 6 / Trend I. Khalilova /

Fusion of banks was always one of priorities of the Azerbaijani Central Bank's policy. This issue will be urgent next years, the first deputy chairman of the Central Bank's board Alim Guliyev said.

"Presently, there is a group of banks that could be excluded from bank system. After the law 'Non-bank loan organizations' comes into force, we intend to voice requirement on fusion or changes of activity for non-bank loan organizations. It is one of strategic purposes of the Central Bank for future."

Presently, the bill 'Non-bank loan organizations' is being discussed by the Azerbaijani Parliament in the second reading.

Deputy chairman said that this requirement can be laid down towards 5-6 banks which do not fulfill minimal normative requirement to authorized capital determined to the amount of 10 million manat.

"We intend to call for these banks to transform into non-bank loan organization," deputy chairman of the Azerbaijani Central Bank.

Manager of Baku inter-bank currency exchange Farhad Amirbayov also said that it is time to consolidate bank assets and capitals as there is necessity for capitalization of bank system.

"Minimal requirement on the Central Bank's regulations and real situation with banks' capitalization must differ once or 10 times. Banks with capital worth 100 million manat and more, monetary markets having 2-3 billion manat and stock market worth 5 billion manat will be profitable for economy," Amirbayov said.

Presently, joint capital of 41 among 46 banks operating in Azerbaijan exceeds 10 million manat. Total volume of capitalization of bank market hits 1.92 billion manat as of September 1.

As of September 1, assets of Azerbaijani bank system hit 10.6 billion manat.

On October 6, the official exchange rate is 0.8033 manat to $1.

Do you have any feedback? Contact our journalist at: capital@trend.az .

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