Details added (first version posted at 14:28)
Baku, Azerbaijan, June 21
By Anvar Mammadov – Trend:
Consolidation of Azerbaijani banks is an inevitable process, Zakir Nuriyev, head of Azerbaijan Banks Association (ABA), told reporters in Baku June 21.
He noted that this is a process of the future.
“The banking sector is one of the most developed spheres of the Azerbaijani economy. The processes occurring in the world are observed in this sector as well. Consolidation is one of these processes,” Nuriyev said, adding consolidation in the banking sector will continue.
Since early 2016, licenses of 11 banks were revoked in Azerbaijan. For some time, the Central Bank of Azerbaijan (CBA) tried to stimulate consolidation in the market, however, it gave no visible results. As a result, the CBA started to revoke the licenses of the banks.
Consolidation of two Azerbaijani banks – AtaBank and Caspian Development Bank was completed in early June.