Commerzbank expands cooperation with Azerbaijani banks

Business Materials 24 September 2012 16:38 (UTC +04:00)

Azerbaijan, Baku, Sept. 24 /Trend D.Nasibova/

The German Commerzbank has expanded cooperation with Azerbaijani banks. Their number reaches 31, including International Bank of Azerbaijan, PASHA Bank, Xalq Bank, UniBank and others, the head of Commerzbank mission in Azerbaijan Johann Engbrecht reported to Trend on Monday.

"Operating through local banks, Commerzbank partly finances commercial projects in Azerbaijan as well," Engbrecht said.

The mission head also noted that the bank has no transformation plans for its Azerbaijan mission.

Its future plans will depend on the development of the country's bank market, he added.

Commerzbank AG received the license of Azerbaijani Central Bank to the opening of mission in Baku in November of 2007.