Forty-seventh bank starts to operate in Azerbaijan

Business Materials 30 March 2010 13:09 (UTC +04:00)

Azerbaijan, Baku, March 30 / Trend N.Ismayilova / 

The Central Bank of Azerbaijan (CBA) granted a license to the new BTB Bank to carry out banking activities, BTB Bank Board Chairman Emil Rzayev said today.

"The bank has already received a license to conduct banking activities from the CBA," he said. "The bank will begin forming its structure and staff in the coming days."

According to the bank head, BTB Bank is wholly owned by Azerbaijani capital and plans to provide new services.

The bank passed state registration for commercial activities at the Tax Ministry in February.

BTB Bank registered with an authorized capital of 12 million manat. Rzayev is he bank's legal representative. Its founders are three Nigar Mehtiyeva, Jafar Aliyev and Elmaddin Aliyev. Jeyhun Pashaly, Asim Salamov and Hafiz Mammadov are the members of the bank's supervisory board.

After obtaining the CBA's permission, BTB Bank become the forty-seventh bank on the local banking market. Recent developments in the country's banking market occurred in 2008. Their number was reduced by half in 2008 as two banks lost their licenses - Poctbank and Atlantbank.

The total assets of the Azerbaijani banks in 2009 amounted to 11.67 billion manat, and total liabilities at 9.66 billion manat with an increase of 12.7 percent over 2009. Of these, 4.293 billion manat fell to deposits, and 4.47788 billion manat to financial market loans and deposits.

The official exchange rate March 30 is 0.8032 manat to $1.

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