ADB is open for participation in consolidation process in Azerbaijani banking sector

Business Materials 4 December 2012 20:08 (UTC +04:00)

Azerbaijan, Baku, Dec. 4 /Trend A.Akhundov /

The Asian Development Bank (ADB) is open for participation in the processes of consolidation and acquisitions, which are expected in the banking sector of Azerbaijan in 2013, head of the bank in the country Ollie Noroyono told Trend on Tuesday.

"There were no such proposals from the banks so far, but we are open for such cooperation if a bank wants it. In general ADB has such experience," Noroyono said.

According to the July 25 CBA Board decision, the minimum capital requirement for existing and newly established banks increased from 10 million manat to 50 million manat. The new regulation will take effect for existing banks on January 1, 2014.

Noroyono noted that the bank continues to negotiate with local banks to provide credit lines for trade finance.

In April 2010, ADB signed agreements with five Azerbaijani banks (Access Bank, AGBank, Bank of Baku, DemirBank and Bank Respublika) for the expansion of trade finance.