One more bank may appear in Azerbaijan (Exclusive)

Business Materials 28 February 2018 11:14 (UTC +04:00)

Baku, Azerbaijan, Feb. 28

By Azad Hasanli - Trend:

TBC Kredit, a non-banking credit organization (NBCO), doesn’t exclude the possibility of applying for a banking license in Azerbaijan in the long term, TBC Kredit Director Nukri Tetrashvili said in an exclusive interview with Trend.

A parent bank of the TBC Kredit, the TBC Bank, which operates in Georgia, is very interested in the Azerbaijani market, Tetrashvili said.

Azerbaijan and Georgia are neighbors and strategic partners, he noted, adding that the TBC Kredit always tried to comply with banking regulatory requirements in Azerbaijan.

For example, NBCOs are not required to create reserves when issuing loans, but the TBC Kredit still creates reserves for internal reporting, he said.

The TBC Bank’s shares are quoted on the London Stock Exchange, that’s why the TBC Bank always had very strict requirements for audit, financial reporting and other issues related to the TBC Kredit’s activity, Tetrashvili said.