Representation of Citibank may open in Baku

The National Bank of Azerbaijan has already issued a preliminary permission for the opening of the representation, as reported from the National Bank of Azerbaijan.

According to the information, the further licensing and opening of the representation depends directly on the Citibank.

"The US bank should pass the state registration in the Azerbaijani Ministry of Justice, find the due office and settle the issue of equipment. Only then will it be able to request a license from the National Bank of Azerbaijan", the information states.

Notably, the Citibank intends to enter the Azerbaijani market via the representation at the preliminary stage and then to create a daughter banking organization or establish an affiliate on this basis.

It should be reminded that last month the National Bank of Azerbaijan issued a license for the establishment of a representation to German Commerzbank. 43 banking organizations are currently operating in Azerbaijan.

/Day.Az/