Azernews.Az

Azerbaijan`s Muganbank plans to enter the banking markets of other former Soviet countries, supervisory board member Shaig Alakbarov told Trend news agency.

``The Russian central bank is reviewing our appeal on opening a representative office in this country,`` he said. ``We expect to obtain a permit in May. Moreover, we plan to enter the markets of other former Soviet republics - Ukraine, Kazakhstan and so on. This is included in our plans for 2013.``

Alakbarov added that after the representative office is opened in Russia, the bank intends to enter the Turkish market this year and the Chinese market next year.

``First, our presence will be through representative offices,`` he said. ``However, after researching these markets, they can be converted into branches or subsidiaries.``

Alakbarov stressed that the bank`s far-reaching plans are stipulated by the increased demand for banking services due to the expansion of trade relations between Azerbaijan and other countries.

``The Azerbaijani economy is developing,`` he said. ``Trade relations with other countries are being expanded. The increase in these transactions ups the demand for banking services. Therefore, we primarily intend to step up work in such markets as Russia, Turkey and China.``

Five Azerbaijani banks - International Bank of Azerbaijan, Texnika Bank, Caucasus Development Bank, Zamin Bank and Pasha Bank have been represented outside the country so far.

44 banks are operating in Azerbaijan. Nine bank branches are active abroad, including six representative offices, two subsidiaries and one branch.

Muganbank has been operating in the Azerbaijani market since 1992.