Russia invites Azerbaijani banks to its market
By Nazrin Gadimova
Russia invites Azerbaijani banks to operate on its territory, Deputy Chairman of the State Duma's Financial Markets Committee Dmitry Saveliev said at a roundtable during the 5th Azerbaijani-Russian interregional forum held in Gabala on June 23-24.
"We are ready to provide full support for Azerbaijani banks' entering the Russian market," he said. "At the same time, we are interested in expanding the work of Russian banks in Azerbaijan."
Saveliev said currently a considerable number of banks are losing their licenses in Russia.
"This year will become a record-breaking year in terms of the number of license revocation. But this applies only to those operating improperly," he said, noting that it will not affect Azerbaijani banks in case of entering the Russian market.
Saying that these negative moments should not affect decision of Azerbaijani banks and branches in any way, he added that as practice shows, foreign banks' operation in the Russian Federation has a neat order.
"As the leader of the Azerbaijan-Russia friendship group in the State Duma, I would like to contribute to Azerbaijan's banking sector in terms of opening and operating in Russia," Saveliev said, adding that interbank cooperation is one of the main directions of development of bilateral relations.
Currently, there are two banks with the Russian capital in Azerbaijan - VTB Bank and Nikoil Bank, as well as a representative of the Rosselkhozbank. Meanwhile, the International Bank of Azerbaijan and representation of the Mugan Bank are operating in Russia.