Azerbaijan, Baku, Nov. 15 / Trend A.Akhundov /
The activities of the German Commerzbank representation in Baku is an indication of strengthening economic ties between Azerbaijan and Germany, Director General of the Central Bank of Azerbaijan (CBA) Rashad Orujov stated on Wednesday during a speech at the event on the fifth anniversary of the Azerbaijani representation of Commerzbank.
"The banking market of Azerbaijan has always been open to foreign players and continues to be so. Parish branded banks in Azerbaijan is making its contribution to the development of the banking sector. It also plays an important role in enhancing the integration of the Azerbaijani economy in the world" - Orujov said.
According to him, at present Azerbaijan has 22 banks with foreign capital, representatives and four subsidiaries of foreign banks.
"The opening of Commerzbank fell on hard times of the global economy. But the banking sector of Azerbaijan has successfully overcome the crisis. Importantly, Commerzbank down this road together with Azerbaijan", - Orujov said.
The Central Bank of the country celebrates the preservation of the interest of major brand-name banks to enter the Azerbaijani market. It is assumed that the recent decision of the Central Bank for making minimum capitalization requirements of banks - 50 million manat will be a positive signal to foreign investors.
"Some foreign brand banks such as Commerzbank and the American Citibank, previously expressed a desire to be present in our market, created a rap offices and so on. Fact that they have not yet come to market connect with their internal problems. These problems are caused , including the global crisis, which forced them to postpone such plans. However, the desire to enter the Azerbaijani market remains. This is a matter of time "- Orujov told Trend earlier.
Commerzbank has expanded cooperation with Azerbaijani banks and today their number reaches 31 banks, including the International Bank of Azerbaijan, PASHA Bank, Xalq Bank, UniBank and others.
Commerzbank AG has received a CBA license to open a representative in Baku in November 2007.