Central Eurasian Federation of Associations of Banks established in Baku
Azerbaijan, Baku, Oct. 15 / Trend I.Khalilova /
The Central Eurasian Federation of Associations of Banks of the Central Caucasus, Central Europe and Central Asia has been established under the agreement signed in Baku on Oct.15.
The aim of the federation is to facilitate the integration of financial and banking systems, coordinate specific actions of commercial banks in establishing business relations and information sharing between banks. The new banking agency will help in training and exchange of experience, President of the Association of Azerbaijani Banks Eldar Ismayilov said at signing ceremony.
The Association of Banks of Azerbaijan, Georgia, Turkey, Tajikistan, Kyrgyzstan and Ukraine will become full-members and the Association of Belarusian Banks and Association of Banks of the Central and Eastern Europe countries at the initial period will perform as initiative members," Ismayilov said.
The agreement was undersigned by the banking communities of Azerbaijan, Georgia and Belarus and the negotiations with other associations are ongoing. These issues are expected to be resolved in the near future.
The headquarters of federation will be located in Baku.
The founding documents will be collected and presented for registration to the Justice Ministry, the president added.
The federation will act as a legal entity.
"This agency would be similar to the European Banking Federation and in the Eurasian space it will be the second federation which will unite 11 countries. Turkmenistan has not yet established banking association and cannot join the new organization. Uzbekistan has not yet taken a final decision," Ismayilov said.
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