Azerbaijan, Baku / corr. Trend I.Khalilova / The plans of the Russian banks to join the banking sector of Azerbaijan are linked with the privatization of the State banks. The Trade Representative of Russia to Azerbaijan, Yuri Shedrin, said that the co-operation between Azerbaijan and Russia in the banking sector can not keep pace with the levels reached in the commercial and economical spheres. Presently only one bank with Russian investment (Nikoilbank) functions in Azerbaijan.
"The Russian banks actively follow the privatization process. The Russian banks show an interest and we do all the best so that they can actively participate in privatization process, particularly in privatization of Kapital Bank," he said.
One of the disputable questions in Azerbaijan's entrance to the World Trade Organization is to limit the foreign investments in the banking sector. After resolving these questions, the activities of the Russian banks in Azerbaijan will increase.