Azerbaijani bank focuses on post-Soviet countries
Azerbaijan, Baku, April 26 / Trend A. Akhundov /
The Azerbaijani Muganbank plans to enter the banking markets of former Soviet countries, supervisory board member Shaig Alakbarov told Trend today.
"The Russian Central Bank considers our appeal in connection with opening a representative office in this country," he said. "We expect to obtain a permit in May. Moreover, we plan to enter the markets of other former Soviet republics - Ukraine, Kazakhstan and so on. This is included in the plans for 2013."
He added that after the representative office is opened in Russia, the bank intends to enter the Turkish market this year and Chinese market next year.
"First, our presence will be implemented through the representative offices," he said. "However, after examining these markets, they can be converted into branches or subsidiaries."
He stressed that the bank's plans are stipulated by the increased demand for banking services due to the expansion of trade relations between Azerbaijan and other countries.
"The Azerbaijani economy is developing," he said. "The trade relations with other countries are being expanded. The increase in these transactions ups the demand for banking services. Therefore, we primarily intend to intensify the activity in such areas as Russia, Turkey and China."
Five Azerbaijani banks - International Bank of Azerbaijan, Texnika Bank, Caucasus Development Bank, Zamin Bank and Pasha Bank have been represented outside the country.
About 44 banks banks operate in Azerbaijan. The number of banks' branches operating abroad is nine, including six representative offices, two subsidiaries of the bank and one branch.
Muganbank has been operating on the Azerbaijani banking market since 1992.