Azerbaijan, Baku, Nov. 15 / Trend A.Akhundov /
Tightening of the requirements for the capitalisation of banks by the Central Bank of Azerbaijan (CBA), capital requirement increased fivefold in 2014 - to 50 million manat, makes the country's market attractive for the CIS banks.
This was stated by chairman of the coordination council of the Financial and Banking Council (FBC) CIS Anatoly Kazakov during a speech at the fifth Baku International Banking Conference of the CIS states on 'The financial markets of the CIS: new opportunities and global risks' on Thursday.
"The Central Bank of Azerbaijan is taking very serious measures aimed at protecting the country's banking market from risks. New requirements are a hard act to follow. Several banks will cease working, but on the other hand it creates good conditions for the joining of the CIS banks. There is a good business environment, "Kazakov said.
As the CEO of CBA, Rashad Orujov told reporters on Thursday the banks have already started negotiations on the consolidation.
"Negotiations are underway in various combinations between different banks. Of course, no one would disclose the plans at this stage. We are waiting for the results. This is not an easy process. This decision will lead to considerable changes in the market, "Orujov said.