Azerbaijani media reports that Director-General of the Central Bank of Azerbaijan (CBA), Rashad Orujov, announced that the activities of the German Commerzbank representation in Baku are an indication of strengthening economic ties between Azerbaijan and Germany.
“The banking market of Azerbaijan has always been open to foreign players and continues to be so. Parish branded banks in Azerbaijan is making its contribution to the development of the banking sector. It also plays an important role in enhancing the integration of the Azerbaijani economy in the world” – said Orujov adding “At present Azerbaijan has 22 banks with foreign capital, representatives and four subsidiaries of foreign banks”.
The Central Bank of Azerbaijan celebrates the preservation of the interest of major brand-name banks to enter the Azerbaijani market. It is assumed that the recent decision of the Central Bank for making minimum capitalization requirements of banks – 50 million AZN will be a positive signal to foreign investors.
