Foreign-owned banks control more than half of system's assets
Gabala, Azerbaijan, June 24
By Zulifyya Gurbanova, Emin Aliyev - Trend:
Foreign-owned banks control 54 percent of the assets of the entire banking system of Azerbaijan.
The General Director of the Central Bank of Azerbaijan Rashad Orujov said at a "Development of interbank cooperation between Russia and Azerbaijan" round table within 5th Azerbaijani-Russian interregional cooperation forum, which is underway on June 23-24 in Gabala.
"The number of foreign banks in the country is 22, their share in the capital base of the banking sector is 67 percent. The share of foreign capital exceeds 50 percent in 14 such banks," Orujov said.
Traditionally, the banking sector is open to foreign participation, he said.
"Azerbaijan is one of the few countries in which there are no similar normative obstacles and I once again note that the country's banking market is absolutely free for foreign capital," Orujov said.
There are 44 banks In Azerbaijan. Furthermore, representative offices of such banks as Commerzbank, Citi bank, Societe Generale, and Rosselkhozbank operate in the country.
Edited by CN