Azerbaijan, Baku, Oct. 28 /Trend, N.Ismayilova/
Russian VTB Bank aims to support small business in Azerbaijan, Vice President of VTB 24 Bank, director on regional retail business development in subsidiary banks of VTB Group Nelia Nazarov told reporters in Baku on Friday.
A branch of VTB Bank (Azerbaijan) was officially opened in Baku on Friday.
"We plan to develop retail business and offer products for small businesses. We have great plans and VTB Azerbaijan is ready to implement these plans. This will be the best practices of VTB 24, as well as other bank groups that have long been working in their markets. We will introduce all the best of the group in Azerbaijan," said Nazarov.
She said now the bank is assessing the market of small businesses in Azerbaijan, as it is unique and has its own peculiarities. "As soon as the bank makes certain conclusions, it will form a line of products that will best meet the needs of small business clients in Azerbaijan," said Nazarov.
"Already a number of products have been developed that the bank is considering a pilot mode. We are studying how they are good for the market, and whether it is necessary to correct them," she said.
According to a member of the Board of Bank VTB JSC, Olga Dergunova, within two years, VTB Azerbaijan has prepared an infrastructure and platform in order to launch the VTB 24 products for customers.
"It needs to create an infrastructure, and exactly there is a necessity for people, processes, product description, interaction with regulator to ensure that these products are allowed to be introduced, as well as information technology, communication channels for data processing and tinning customers. After this, analyzing the market, we defined for ourselves what the small business market means for us - it is all the customers with an annual turnover of up to $2 million," said Dergunova.
According to her, it is fairly high plank for Azerbaijan, but it provides an access to the loan products of VTB 24.