Azerbaijan, Baku, Nov. 2 / Trend N. Ismayilova /
The Azerbaijani VTB Bank and the Azerpoct national postal operator have applied for membership in the Baku Interbank Currency Exchange's (BBVB) currency section.
"VTB Bank and Azerpoct, having a limited banking license, submitted an application for membership in the BBVC currency section," BBVB head Farhad Amirbayov said. "The issue will be considered by the shareholders of the stock exchange."
He added that the process usually takes about one month.
VTB Bank passed state registration for commercial activity in the Tax Ministry on Feb. 24. The Central Bank of Azerbaijan (CBA) issued a license to conduct banking activities to the bank in March. VTB Bank was registered with an authorized capital of 12 million manat. After obtaining the CBA's permission, VTB Bank became the forty-seventh bank on the local banking market.
Azerpoct received a license from the CBA to provide financial services in July.
Azerpoct hopes to compete seriously with players on the country's banking market. Today, 47 banks operate in Azerbaijan, with over 500 branches. Meanwhile, Azerpoct has nearly 1,600 offices.