Azerbaijan needs banks with larger foreign capital - Expert


March 5, Fineko/ Banks with larger foreign capital should come to Azerbaijan, says expert Akram Hasanov.

According to Hasanov, coming of foreign banks with capital in Europe and the U.S. may be more expedient for the banking sector of Azerbaijan.

Recalling the situation a few years ago, the expert noted that there were banks with foreign capital in Azerbaijan before, but for some reasons they failed to survive on the local market: "For example, once the Bank of England operated in Azerbaijan. But local competitors gradually ousted it out of the domestic market. Therefore, it is important that higher-quality foreign banks would come to Azerbaijan. Currently, the market needs a bank with competitive external capital."