NBA not consider opening of TuranAlem bank’s branch

Business Materials 27 December 2005 18:23 (UTC +04:00)

“The documents on opening of the Kazakh TuranAlem bank’s Baku branch have not submitted to the Board of the National Bank of Azerbaijan (NBA),” Rufat Aslanly, a member of the NBA Board, also the head of the Department for Control over Credit Organizations, told Trend.According to Aslanly, licensing procedures of local bank is easier than opening of branch of foreign bank.

“In accordance with the Law on banks, we have to inquire about the bank. We can not control the process taking place out of Azerbaijan’s jurisdiction,” the NBA representative underlined. Therefore, the issue of license to TuranAlem is delayed.

Taking into consideration that NBA Board did not set to consideration of the issue, it is hardly to be settled in 2005.

It should be mentioned that the official opening ceremony was held in August in Baku. Besides, the branch was registered at the Azerbaijani Justice Ministry in the summer.