Profiteering worth the Golden Crown positions in Azerbaijan

BAKU/18.03.14/TURAN : Local AGBank announces suspension of cooperation with the Russian system of urgent money transfers Golden Crown .

In the bank said that the decision was taken by the bank due to the low profitability of operations carried out by the system of the Gold Crown and inefficiency cooperation with the campaign .

At the end of 2013 once 13 leading banks ( Access Bank, Ata Bank, Bank of Azerbaijan, Bank of Baku, Bank Respublika, Bank Technique, Bank Standard, Demir Bank, Kapital Bank, Mugan Bank, Unibank, Xalq Bank and International Bank of Azerbaijan ) issued a joint statement saying that on January 15 this year, suspend cooperation with the above system with the same wording as in AGBank.

Instead the Russian system , began to actively attract new partners in Azerbaijani banks . So just a few weeks , it was announced collaboration with Gunay Bank, Atra Bank, Azerbaycan Senaye Banki and EuroBank. In addition , Bank of Azerbaijan is not something that has not stopped work within the system , but also announced the expansion of cooperation. Trying to learn in the bank causes such a dramatic position change failed.

However Turan found that before the ill-fated decision to cease cooperation with the Golden Crown, local banks throughout the year have been negotiating with a system that seems to have been unsuccessful . Negotiable commission was to increase banks and absence of any stimulus actions by the Golden Crown. Given that the first banks in Azerbaijan in such a collective form and defiantly interrupt relations with any of the systems , and may indicate the presence of other factors. But one thing is for sure it's very painful blow to the system in Azerbaijan and the like , that this process has to be continued .

The system Golden 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 also AFB Bank, Bank VTB , Azerbaycan Kredit Banki, Zminbank, Ganja Bank, NBCBank, Bank Nikoil, Parabank, Turanbank, Yunited Kredit Banki, Deka Bank, Amrahbank, Azer-Turk Bank, Qafqaz Inkishaf Banki, Expressbank , Bank VTB (Azerbaycan) and the Baku branch of the National Bank of Pakistan . -15B -

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