Azernews.Az

Russia's central bank has granted permission to open a representative office of Azerbaijan's Muganbank in Moscow, Muganbank told Trend news agency.

"The Moscow office of Muganbank will open by the end of this year after a number of technical issues are solved," the bank said.

Muganbank also plans to enter the markets of other post-Soviet countries in the future, including Ukraine and Kazakhstan. As for operating in other countries, the bank said its entering the markets of Turkey and China is expected no earlier than 2013.

Member of Muganbank supervisory board Shaig Alekperov told Trend earlier that after the opening of a representation in Russia, the bank intends to enter the Turkish market this year, and the Chinese market next year.

The emphasis will be primarily on these countries due to the launch of Muganbank's own system of money transfers, Monex, at the Russian and Chinese markets. Monex was commissioned on November 1, 2011.

"First, our presence will be through missions; however, it can be converted into branches or subsidiaries after studying those markets," Alekperov said.

According to him, the bank's planned expansion of its operations abroad is due to an increase in demand for banking services fueled by the expansion of Azerbaijan's trade relations with other countries.

Muganbank has been operating in the Azerbaijani market since 1992.

Besides Muganbank, five Azerbaijani banks have representations outside the country -- the International Bank of Azerbaijan, Bank Technique (formerly Texnikabank), Caucasus Development Bank, ZaminBank and PashaBank.