Russian banks will occupy the vacant niche in financial Azerbaijan
Russian financiers are going to actively develop the banking sector of Azerbaijan.
As said at today's press conference the Russian Trade Representative in Azerbaijan Yuri Shchedrin, the number of local banks due to the decision of the Central Bank of Azerbaijan to increase the share capital up to AZN 50 million will decrease to 12-15 after 1 January 2014. Their place in view of developing the local economy will be possibly taken by wealthy foreign financial institutions, including Russian ones.
Today Azerbaijani credit institution Agrocredit and the Russian bank Rosselkhozbank have come to an agreement on the mutual fund-raising and financial participation. In the recent past, Sberbank of Russia was actively interested in the local business environment, now these plans are again relevant.
Now Azerbaijan has two Russian banks - Bank Nikoil and VTB. - 17D-
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