Azernews.Az

The EBRD plans to take an active part in consolidation and acquisition processes in the banking sector of Azerbaijan in 2013, EBRD mission head in Azerbaijan Neil Mckain said.

"Great changes are expected in the financial sector next year due to an increase of requirements for the minimum total capital of banks. This is an absolutely correct decision, we support it and will try to support Azerbaijani banks if they decide to consolidate or in the issue of bank purchases," Mckain added.

According to him, the EBRD is ready to assist the projects in the financial as well as technical fields.

"It's not only about financial capital, but also about human capital - knowledge and experience of Azerbaijani bankers," Mckain noted.

Mckain said, in this regard, the director on cooperation with financial institutions of Caucasus, Mongolia and Central Asia, Mike Taylor, will arrive in Baku next week.

Mckain said his visit aims to hold negotiations with banks, not only local ones, but also those which are interested in Azerbaijan's financial sector.

During his visit, Taylor will hold meetings in Azerbaijani central bank and with microfinance organizations eager to participate in this process.

The minimal amount of operating banks' total capital, as well as authorized capital of recently established banks was ordered to be increased from 10 million manats ($12.7 million) to 50 million manats ($63.7 million) under the decision of the Central Bank of Azerbaijan passed on July 25. The new requirement on capitalization of banks will take effect on January 1, 2014.