The activities of the subsidiary bank VTB Azerbaijan will not suffer from sanctions against Russia, the head of the Subsidiaries Department, Senior Vice President of VTB Mikhail Yakunin told the local media today.
According to him, the EU and the United States sanctions with regard to Russian banks relate to funding opportunities in the stock markets of the USA and Europe. VTB (Azerbaijan) does not use this tool to finance its activities, therefore the clients of this structure will not feel any change in the bank and the entire range of its services and obligations will remain in force.
Yakunin said that the Azerbaijani banking market is one of the most stable and fastest growing ones in the CIS. "In the current macroeconomic situation, you should pay special attention to the fact that Azerbaijan's economy is developing not only by the oil sector, whose share in GDP has reduced in recent years. This is one of the major positive factors. Growth of the banking sector is about 10% and there are relatively stable exchange rates. All this creates favorable conditions for the banking business here," said Yakunin.
JSC VTB Bank (Azerbaijan) has received a license from the Central Bank of the Republic of Azerbaijan in March 2009. In the structure of the bank 51% of the shares belong to JSC Bank VTB, 48,99% - to the group of companies AtaHolding, and 0.01% - to a physical person. -17D-
Economics
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