Another Azerbaijani bank opens branches overseas
Azerbaijan, Baku, November 18 / Trend, I. Khalilova /
The Azerbaijani Muganbank plans to open at least two more branches outside the country next year, Muganbank Board Deputy Chairman Rasim Ismailov told Trend on Friday.
"The branches will supposedly be opened in Russia and China. However other countries may also be considered," Mr. Ismailov reported.
Preference will be given to the two aforementioned countries as the bank's own system of urgent money transfers, Monex, is likely to be launched in Russia and China next year. Monex has been in effect since November 1, 2011 but is still designed solely for internal service provision.
"The bank's strategic plan for 2012 also sees Monex developing in international markets and we are sure that our commitments on the plan will be a success," the deputy chairman said.
The bank chose Russia and China primarily due to Azerbaijan's developed trade and economic links to the two countries and the existence of a large number of Azerbaijani labour migrants there which impacts on the volume of money transfers.
At the moment, more than 55 per cent of total money transfers to Azerbaijan come from Russia whereas more than 13 per cent are from Azerbaijan to China. The transfers to China are the largest Azerbaijan's transfers to any other country but do not exceed 13 per cent of total.
"Currently, Monex connects more than 10 Azerbaijani cities, towns and settlements where Muganbank's branches are based," Mr. Ismailov said. "At the moment the bank has 30 branches and two divisions in Baku and throughout Azerbaijan."
Muganbank has been operational at Azerbaijani bank market since 1992.
There are 44 banks operating in Azerbaijan at the moment. They have nine centres operating abroad, including six representative offices, two sub banks, and one branch.