List of banks in Azerbaijan to grow till year end

Business Materials 27 December 2005 17:06 (UTC +04:00)

The commission of the National Bank of Azerbaijan (NBA) on considering the documents of the newly established banks submitted the documents of the stock-commercial “Azercredit” bank for consideration by NBA, a NBA board member, the head of the Department on supervision over the activities of lending institutions Rufat Aslanli told Trend. В"We conducted tests and remained pleased. We were even surprised by the level and the system which had been established at the bank”, Aslanli noted.

According to him, the bank fulfilled all its commitments for obtaining the license. And he has not ruled out possible licensing of �Azerkredit’ till the end of 2005.

The �Azerkredit’ bank’s board chairman became Zahid Aliyev, which has got 15-year experience in the banking sphere, working earlier at NBA, the International Bank of Azerbaijan, and his last job was deputy chairman at “Kochbank-Azerbaijan”. Under the law “On banks” the bank’s top management is to have at least 2 years of the banking practice.

According to the new banking legislation not only top managers of new banks, but also the operating ones are being tested by NBA. They are to match the criteria identified in the law “On Banks”.

The founders of the Bank are physical entities, the citizens of Azerbaijan.