Central Eurasian Banking Federation plans to join IBFed

Business Materials 28 May 2011 17:16 (UTC +04:00)

Azerbaijan, Baku, May 28 / Trend N. Ismayilova /

The Central Eurasian Banking Federation decided to join the International Banking Federation (IBFed) within the first meeting of founders in Baku, the federation president Eldar Ismailov said.

"We have applied for membership in the International Banking Federation," he said. "The European Banking Federation, the Asian Banking Federation, the Association of Banks of China and the United States and other large banking systems are among its members."

He said that it will allow banks of the Central Eurasian Banking Federation's member-countries to integrate not only in the post-Soviet space, but also in the global banking system and international financial architecture.

IBFed is a representative body for a group of key national banking associations.

The Azerbaijani Ministry of Justice registered the Central Eurasian Banking Federation in August 2010. The founders of the federation are the Associations of Banks of Azerbaijan, Georgia, Kyrgyzstan and Ukraine. The Association of Banks of Turkey and Tajikistan are the federation members.

The headquarters of the Central Eurasian Banking Federation is located in Baku. The federation will include the Association of Banks in Central Europe and Asia. They will jointly develop a policy of developing the banking and monetary systems.