"Golden Crown" pales in Azerbaijan

Service "Golden Crown" first began to encourage remittances customers Azerbaijani partner banks. According to the report of the operator, depending on the amount of transfer senders get a  pen -  for transferring 349 manats, flashlight -  for transferring from 350 to 999 manat, a T- shirt – for  transferring from 1000 manats. The actions takes place in 18 banks from 21 July until the end of bonus fund. Souvenir is awarded in exchange for a signed statement to receive the transfer. Unlimited number of souvenirs (8100 pens, flashlights 2415, 1795 T-shirts.)

Major banks of Azerbaijan (IBA, Access Bank, Ata Bank, Bank of Azerbaijan, Bank of Baku, AGBank, Bank Respublika, Bank Technique, Bank Standart, Demir Bank, Kapital Bank, Mugan Bank, Unibank and Xalq Bank) since the beginning of this year suspended cooperation  due to low profitability of operations carried out by the system Golden Crown and inefficiency of cooperation with the company.

Turan previously found that before  adoption the decision to cease cooperation with the "Golden Crown" local banks throughout the year unsuccessfully  negotiated it its leaders. Azerbaijani representatives insisted on increasing the fees  in banks and the lack of incentive shares on the Russian side. A collective breakup  of relations could be affected  by  some political factors. One thing is clear - the action  caused damage  to  the position of Azerbaijan, and  this process , likely will continue.

System "Gold Crown" has operated since 2003 and provides services in the territory of Russia and CIS countries. Operations are carried out within a few minutes, the commission varies in the range of 1-1.5% per annum.

Today, agents of the system in Azerbaijan are 18 banks: AFB Bank, Bank VTB, Azerbaycan Kredit Banki, Zaminbank, Ganja Bank, NBCBank, Bank Nikoil, Parabank, Turanbank, Yunited Kredit Banki, Deka Bank, Amrahbank, Azer-Turk Bank, Qafqaz İnkishaf Banki , Expressbank, Bank VTB (Azerbaycan), and the Baku branch of the National Bank of Pakistan. - 17D-