Two New Banks Began State Registration in Justice Ministry in Azerbaijan
Azerbaijan, Baku / Trend corr. I.Khalilova / Adishirin Gasimov, the Chief of the Department of National Bank of Azerbaijan, has stated that the new Azerbaijani banks of Pasha Bank and Avrasiya Bank are becoming State-registered in the Azerbaijani Justice Ministry. They have already received the initial approval from the National Bank of Azerbaijan.
In compliance with the bank legislation of Azerbaijan six months allocated for submission of the documents and receiving license from the National Bank.
Pasha Bank and Avrasiya Bank have already begun the registration process. One of the requirements for these banks is the formation of authorized capital by AZN 10mln. In addition to the two banks, the German Commerz Bank, the Russian Vneshtorgbank and the French Societe General banks submitted their documents to commence operations. However the National Bank of Azerbaijan has yet to receive their appeals. Commerz Bank is planning to open its representative office in Baku, but the other banks hope to participate at their existing banks within the country.
Presently there are 44 banks operating in the country.