Azerbaijan, Baku / Trend corr. I.Khalilova / The National Bank of Azerbaijan (NBA) supports the presence of foreign brand banks in Azerbaijan. The German Commerz Bank and the French Societe General is planning to open representative offices in Azerbaijan, the NBA reported.
The Russian Vneshtorgbank has already defined the bank where it will acquire share holdings, with the AF Bank. Kazakhstan's Banks, TuranAlam and Khalik Bank, both expressed their desire to join the Azerbaijani financial market. Bank TuranAlam is planning to open a branch in Azerbaijan, while Khalik Bank is to join the Azerbaijani market through acquiring a bank, an insurance company, and several financial institutions. The Latvian Parex Bank currently operating in Azerbaijan as a representative also mentioned its wish to change its status.
No official appeals from the aforesaid banks have been submitted to the NBA. The NBA is planning to develop its strategy regarding its supervisory role over foreign banks wishing to participate in the Azerbaijani financial market, Elman Rustamov, the Chairman of NBA's management, said.
"Many foreign banks and funds are interested in Azerbaijan's bank sector. We will carefully consider each appeal as we hope to see the most prosperous and strongest banks in Azerbaijan," Rustamov said.
Foreign banks or banks with participation in foreign capital currently make up one third of our country's market. However, the figure has been increasing over the last four years.
The European Bank of Reconstruction and Development, German KFW, International Financial Corporation, SIDT, the American Investment Fund of Kazemir Partner Limited all bought shares in such big commerce banks of Azerbaijan as Azerdamiryolbank, UniBank, Bank of Baku, Azerigazbank, Bank Respublika, Bank of Baku, and Texnika Bank. The NBA focuses its attention on potential investors' reputations.