Commerzbank not plans to open subsidiary bank in Azerbaijan
Azerbaijan, Baku, Oct.4 / Trend N. Ismayilova /
German Commerzbank doesn't consider a possibility of opening a subsidiary bank in Azerbaijan, Commerzbank's Baku representative office head Marco Graff said.
"A very deep analysis of the market is needed to open a branch or a bank with its own capital, it is necessary to find niche in this market and determine customer circle," Graff said.
He said if the western bank opens subsidiaries abroad, it means that it will adhere to local rules and rates.
"Commerzbank has subsidiaries in Ukraine and Russia. Opening a bank in Azerbaijan depends on the potential of the market, and while the agenda does not include it," he said.
Commerzbank AG received a license from the Central Bank of Azerbaijan to open a representative office in Baku in November 2007.