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Banks' consolidation may continue in Azerbaijan

(MENAFN - Trend News Agency ) Baku, Azerbaijan, Apr. 19

By Azad Hasanli – Trend:

President of Azerbaijan Banks Association (ABA) Zakir Nuriyev believes that consolidation of banks may continue in Azerbaijan.

'We welcome such steps [consolidation] of banks. At the current stage, as part of the economy's transition to the post-oil period and the reforming of the banking and financial sectors, the emergence of more efficient banks on the market is very important. In this regard, consolidation of banks is one of the important issues,' Nuriyev told reporters in Baku Apr. 19.

'Recently, two banks have found the strength to unite and we believe that their example will become important for other banks and in the future, we will witness further consolidation in the banking sector,' added ABA president.

It was previously reported that Azerbaijan's Caspian Development Bank OJSC will be liquidated due to reorganization and merge with the country's AtaBank OJSC.

PwC multinational accounting firm was attracted to evaluate the assets of Caspian Development Bank OJSC and AtaBank OJSC due to their reorganization, and an initial agreement was reached with this firm.

At the same time, both banks, until their merger is officially registered, will continue to perform their duties under civil contracts concluded with all counterparties, separately.

Thirty-two banks operate in Azerbaijan.

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Banks' consolidation may continue in Azerbaijan

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