Azerbaijan, Baku, Oct. 4 / Trend N.Ismayilova /
Despite the global financial crisis and the difficult economic situation in the world, the German Commerzbank watching the growth of aggregate portfolio in Azerbaijan, Commerzbank Baku Office Head Marko Graff told Trend.
"We are observing the growth of our portfolio in the country even in such a difficult economic situation. We have more confidence in local banks, as they develop professionally," Graff said.
Graff said another reason for the growth of operations in Azerbaijan, is the fact that there are so many international banks actively working on the Azerbaijani market, due to which Commerzbank lured the free market segment to his part.
"Further expansion depends on the growth and condition of the banking sector, since we define our credit limits and activity on these parameters," he added.
Graff said Commerzbank cooperates with 22 leading Azerbaijani banks [there are 47 banks in the country], each of which serves to customers operating in international markets.
"We lend only a portion of the banks, with which we work, as they meet our internal standards and are creditworthy," he said.
Commerzbank AG was licensed by the Central Bank of Azerbaijan to open a representative office in Baku in November 2007.
Do you have any feedback? Contact our journalist at: [email protected]