Azerbaijan, Baku, March 15 / Trend, A. Akhundov /
After the first stage of capitalization, around 30-35 banks may remain in the Azerbaijani banking sector, Fitch Ratings international rating agency director for financial institutions in the CIS Dmitry Abramov told the media in Baku today. He recently had a meeting with the Central Bank of the country.
"Today, 12 banks meet the Central Bank's new regulatory requirements, seven banks have capital over 35 million manat, 24 banks - less than 35 million manat. There is no sense for some of them to raise capital. They can be transformed into non-bank credit organizations and stay in the market. Such opinion was expressed at the meeting."
According to the decision of the Azerbaijani Central Bank, the minimum requirement for total capital of banks increased fivefold - to 50 million manat. This requirement is valid from January 1, 2014.
He said that around 750 million manat will be required for the capitalization of the banking sector to the new standard level, of which 700 million - for the third category of banks.
"In general, the consolidation process will be useful for the market, have a positive impact on the efficiency and quality of banking services," Abramov said.
The official exchange rate is 0.7848 AZN/USD on March 15.