Number of banks in Azerbaijan expands up to 44

Business Materials 5 January 2006 15:05 (UTC +04:00)

The Board of Directors of the National Bank of Azerbaijan (NBA) permitted Azerbaijani Azercredit bank to carry out banking activities in the country, NBA told Trend. The bank will render all kinds of banking services, as there is no limitation of attraction of investment for newly-established banks.

Thus, the number of the banks functioning in the country reached 44. The total capital of the banks grew by $5m in relation to opening of Azercredit. Nevertheless, the statutory capital of the newly-established banks is due to be $10m from 2006.

Though licensing of Azercredit delayed, the bank and its computer-based system exceeded the expectations of NBA on the level of preparation.