Uzbekistan's bank sets correspondent relations with UniCredit
Baku, Azerbaijan, Oct. 15
By Fikret Dolukhanov – Trend:
Uzbekistan’s Asia Alliance Bank established correspondent relations with the leading Italian bank UniCredit, opening a correspondent account in euros, the press service of the Uzbek bank announced.
According to the information, the direct correspondent account allows the bank's customers to make transactions with Europe in shorter time-frames, as well as to reduce costs and almost completely avoid paying commission to third side banks.
It also contributes to expansion of the bank’s activities in the European financial market and to attraction of UniCredit credit lines for development of strategic sectors of the economy by financing customers' export and import operations.
The correspondent network of Asia Alliance Bank covers over 15 correspondent banks, including financial institutions from Europe, China and Korea, such as Commerzbank AG, Landesbank Baden-Wurttemberg, UBS Switzerland, Bank of China, Kookmin Bank.
UniCredit Group is an Italian company, one of the largest financial organizations, the geography of which covers 22 European countries and 27 countries of the world. Bank has its largest network throughout Central and Eastern Europe.
The group is operating in such countries of Central and Eastern Europe and the CIS as Belarus, Bosnia and Herzegovina, Bulgaria, Hungary, Latvia, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine, Croatia, the Czech Republic and Kyrgyzstan.
Follow the author on Twitter: @FDolukhanov