Azerbaijan Banks Association (ABA) positively assesses the consolidation in the country’s banking sector, ABA head Zakir Nuriyev said.
“Such discussions have always been held in the banking sector, but they have intensified lately,” he said, adding that ABA supported such negotiations.
Nuriyev noted the necessity to encourage such negotiations so that they were held at a more rapid pace.
“This is a normal international practice. The world’s big banks are in constant consolidation talks. Recently, we have also witnessed the merger of two Azerbaijani banks – AtaBank and Caspian Development Bank,” he said.
However, despite certain negotiations, there are currently no concrete decisions regarding consolidation among Azerbaijani banks, according to Nuriyev.
“We do not want banks to close because of lack of capital in the country. We want them to continue their activities, therefore, support the merger of banks,” the ABA head added.
Thirty-one banks operate in Azerbaijan. (Trend/Business World Magazine)
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