Bank Melli Iran transforms its Baku branch

Business Materials 9 June 2010 15:01 (UTC +04:00)

Azerbaijan, Baku, June 9 / Trend N. Ismayilova /

Bank Melli Iran leadership intends to turn its branch in Azerbaijan in a subsidiary, Bank Melli Iran Baku branch deputy director, Anar Ibrahimov, said.

"Transformation means, first and foremost, the output branch of the subordination of the regional office in Dubai, and the transfer of these obligations head office in Tehran," - said Ibragimov.

He said that this would eliminate the limitation of activity of the Baku branch of the bank. It will allow its management to make its own decisions, for example, to increase the authorized capital, opening of new branches. The authorized capital hits 14 million manat.

"As we are a branch, we can not open own branches. However, the change of the status of the bank will allow us to expand our branch network in Baku, the country's regions, as well as abroad," Ibrahimov said.

He said that the process of bank restructuring has been launched. It is under completion from the Iranian side. In connection with the transformation, an application has been submitted to the Central Bank of Azerbaijan, deputy chairman said.

Bank Melli İran is one of the first in the Islamic world, which has branches not only in Iran but also in other countries. Bank Melli İran has 30 percent of Iranian banking assets.

Baku branch of Bank Melli Iran has been operating since 1993. Bank Melli Iran has been operating for 85 years. The number of its employees reaches 50,000 people.

On June 9, the official exchange rate is 0.8038 manat to $1.