VTB Bank (Azerbaijan) has opened its 9th branch in Baku. It is located in the center of the Azerbaijani capital at 51 Istiglaliyyat Avenue.
At today's opening ceremony, Chairman of the Board VTB Bank (Azerbaijan) Yuri Yakovlev announced the opening of another branch in Baku and branches in the cities of Sumgait and Ganja by the end of this year.
VTB Bank (Azerbaijan) became a part of Azerbaijan's banking system in 2009. Practically it is a subsidiary of Russia's JSC VTB Bank, which owns a 51% stake, while JSC AtaHolding has 49%.
In the I half of 2014, the loan portfolio increased twofold in comparison with the same period last year and amounted to 215.985 million manat.
The assets increased two times - to 229.699 million manat, and the aggregate capital reached 47.837 million manat, while the revenues grew 2.5 times and amounted to 20.257 million manat. -0
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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