Today.Az » Business » CBA: ‘Brand’ banks wait for improvement of world conjuncture to come to Azerbaijan
09 May 2012 [09:38] - Today.Az
Central Bank of Azerbaijan (CBA) encourages the inflow of foreign capital in the banking sector, the chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov told reporters on Tuesday.
"It has a number of advantages: in addition to the influx of investment, this means introduction of modern management standards, new products, technologies, know - how," Rustamov said. "We are interested primarily in the entry of "brand" banks, since it is such banks that create a tone in the banking sector, increase competition, forcing local banks to perform better, grow, consolidate".
He noted that before the global financial crisis there were a number of such leading banks, but the crisis has changed their plans.
"They are now more preoccupied with internal problems, but we are confident that after solving these problems, they will express their interest in such forward-looking financial market, as Azerbaijani. We have with them technical contacts. They are waiting for a better time from the economic conjuncture perspective," the CBA head said.
In the country today there are 23 banks with foreign capital against 22 banks in the third quarter of 2011. In seven of them the proportion of foreign capital is formed in the range from 50 to 100 percent, in 14 banks - up to 50 percent, there are also two local branches of foreign banks.
There are offices of such banks as Commerzbank, Citi bank and Societe Generale in Azerbaijan.
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