Azerbaijan, Baku / corr Trend I.Khalilova / Rufat Aslanly, the Deputy Chairman of the Managing Board of the National Bank of Azerbaijan (NBA), announced on 6 June that the NBA has given a preliminary consent for opening of a representative office of the german bank Commerz Bank.
Aslanly said that the first meeting to discuss the issue was held. "We have given our consent for opening of a representation, but offered Commerz Bank to appeal officially to the NBA in this respect."
In accordance with the new law on Banks the NBA's permission is required for opening of representative offices of foreign banks in the country.
Frank Vaizang, a representative of the German Federal Ministry for Economy and Technology on Central Asia, Caucasus, Russia, Ukraine, Belarus and Moldova, stated in Baku at the end of May the will on opening of a branch of Commerz Bank in Azerbaijan.
"The principle question is the registration and conduct of work on the official level," Vaizang stressed.
He noted that the implementation of large-scale projects and economic growth rate boosts interests towards the capital investing in the country by the German industrials and investors.
Talks on cooperation in the banking sector, including the opening of opening branches of German banks in Azerbaijan, were carried out among the European Central Bank, the German Minister of Finances and the NBA.