Representation of another Azerbaijani bank to open in Russia

Business Materials 9 October 2012 19:53 (UTC +04:00)

Azerbaijan, Baku, Oct 9 /Trend D.Nasibova/

The central bank of Russia has given the permission to open a representative office of Azerbaijani Muganbank in Moscow, Muganbank told Trend on Tuesday.

"Moscow office of Muganbank will open by the end of this year after the decision of a number of technical issues" the bank said.

Muganbank also plans to enter the markets of other post-Soviet countries in the future- Ukraine, Kazakhstan, etc. "Entering of the bank to the markets of Turkey and China is scheduled for not earlier than 2013," the bank said.

Member of the supervisory board of the bank Shaig Alekperov told Trend earlier that after the opening of a representation in Russia the bank intends to enter the Turkish market this year, and Chinese market - next year.

Preference will be given primarily to these countries due to the introduction of own system of money transfers of Muganbank - Monex at the Russian and Chinese markets. Monex system was commissioned on November 1, 2011.

"First, our presence will be carried out through missions; however, it can be converted to branches or subsidiaries after studying these markets," Alekperov said.

He added that the plans of the bank are due to an increase in demand for banking services due to the expansion of trade relations between Azerbaijan and other countries.

Muganbank has been operating on the Azerbaijani banking market since 1992.

The Bank is actively involved in all investment projects carried out in the country, and pursues an active policy for the development of relations and expansion of correspondent relations. The main foreign correspondents of the bank are: Union Bank of California (USA), Commerzbank (Germany), Raiffeisen Zentralbank Ag (Vienna, Austria) Citadelebanka (Latvia), Eurotrast Bank and Alfa Bank (Russia).

There are representations of 5 Azerbaijani banks except Muganbank outside the country - International Bank of Azerbaijan, Bank Technique, Caucasian Development Bank, ZaminBank and PashaBank.