Caucasus Banking & Finance Conference launched in Baku

Azerbaijan Banks Association President Zakir Nuriyev has said in his opening speech that Azerbaijan has its own place in the financial system of South Caucasus, APA reports.

Mr. Nuriyev has added that the conference envisages the introduction of banking accomplishments of Azerbaijan to international institutions and the world community, as well as to make the direct dialogue among banks, financial organizations and business structures.

Azerbaijan National Bank (ANB) Chairman Elman Rustamov has then spoken about considerable promotions in the quality and quantity of the banking system in Azerbaijan during recent ten years.

"Banking legislation in Azerbaijan is carried towards world standards. Although the number of banks descended 5 times in comparison to the past, there is 4 times increase in capitalization."

Mikayil Jabbarov, I Deputy Economic Development Minister of Azerbaijan, has told about the importance of conference in viewpoint of new projects that might be run in the region. Gunduz Mammadov, Chairman of Azerbaijan State Committee for Securities, has noted the possibility to create common financial system in the region of Caucasus.

Calling banks "the backbone" of any economy, Zurab Gvasalia, the President of Banks Association of Georgia, has said that capitalization of banks in Georgia has twice been increased in recent years. Mr. Gvasalia has also stated that the banking school of Azerbaijan is much more developed and has more advantages than the one in Georgia.

Raymond Convey, the Head of EBRD (European Bank for Reconstruction and Development) Baku Office, has told about similarities and differences between banks in Georgia and Azerbaijan. Martin Kimming, IMF (International Finance Corporation) Regional Director, has said in his speech that IMF has had 80% of investments put in oil and gas sector in Azerbaijan and financial sector in Georgia.

The opening ceremony of the conference was then held. There were 250 representatives and 27 companies, 24 of which were Azerbaijani companies, from 15 countries (Azerbaijan, Turkey, Russia, Ukraine, Georgia, United Kingdom, Austria, India, Uzbekistan etc.). Caspel, Baker & McKenzie, Aztech, Bank of Azerbaijan, Mughanbank, PricewaterhouseCoopers, Texnikabank, F-Line Technologies, Global Rating International Ltd., R-Style Ukraine, Moodys Investors Service, Standard Bank (Georgia) were among participating companies.