More banks to open branches on Azerbaijan's liberated territories

By Ayya Lmahamad

Azerbaijani banks continue to announce their plans to open new branches on the country's liberated territories.

Azerbaijan’s leading corporate bank PASHA Bank has announced the readiness to open a new regional branch of the bank in Shusha city which was liberated from occupation on November 8. It was noted that the relevant decision will be reflected in the new Development Strategy of PASHA Bank for 2021-2023 years.

The CEO and the chairman of the Board of PASHA Bank stated that the liberation of Azerbaijani territories is a turning point in the country's modern history, adding that those territories have exceptional economic potential in agriculture, precious metals extraction, transport and logistics, tourism and hospitality, IT and many other segments of the real sector of the economy.

“Opening PASHA Bank’s branch in Shusha, we will support the state in the implementation of initiatives aimed at reintegrating the liberated lands. We will apply all our accumulated experience and expertise in the real sector to support the development of entrepreneurship in the liberated areas and to help businesses establishing future partnerships both domestically and abroad,” he said.

Moreover, Kapital Bank, which has the largest branch network in the country, has announced the readiness to open new branches in the liberated areas as well, and serve customer there.

It was noted that the existing Shusha, Lachin, Gubadli, Aghdam and Jabrayil branches of Kapital Bank will continue their activities in the regions, whose names they bear. Apart from this, it is planned to open new branches in the Kalbajar and Zangilan regions, and in other important cities and towns of Karabakh.

In this regard, preparatory work has already begun at the Bank’s head office, and the opening of branches will be carried out as planned, as soon as the necessary conditions are created by the state authorities.

Earlier, after the liberation of Jabrayil city, Azerbaijan’s largest bank, the International Bank of Azerbaijan announced the intention to open a branch there.

The clashes between Armenia and Azerbaijan resumed after Armenia launched large-scale attacks on Azerbaijani forces and civilians on September 27. Azerbaijan launched counter-offensive operations that ended in the liberation of over 300 settlements, villages, cities and strategically important heights.

The 44 days of war ended with the Russian brokered peace deal signed on November 10 by Azerbaijan, Russian and Armenian leaders. The peace agreement became effective on November 10 and envisages de-occupation of Azerbaijan’s Kalbajar, Aghdam and Lachin regions by December 1 as well as the return of Azerbaijani IDPs to Azerbaijan’s Nagorno-Karabakh and the seven adjacent regions under the control of the United Nations High Commissioner for Refugees.

The peace agreement ended the 30-years-old conflict between Baku and Yerevan over Azerbaijan’s Nagorno-Karabakh region that along with the seven adjacent districts came under the occupation of Armenian armed forces in the war in the early 1990s. For about three decades, Armenia failed to implement the UN Security Council resolutions demanding the withdrawal of the Armenian troops, which was the main obstacle to the resolution of the conflict.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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