Per Fischer: "Corporate sector is among most promising areas for banking sector of Azerbaijan

At the annual exhibition of international financial exhibition SIBOS 2010 held in Amsterdam the head of the Commerzbank’s Department of Financial Institutions, Per Fischer, has shared with news agency Fineko/ with plans for the development of Commerzbank’s representative office in Azerbaijan and his views on the prospects for development of the banking sector in the country.

- What are the plans for the development of Commerzbank’s representative office in Azerbaijan in the near future? Is there a possibility of gradual transformation of the representative office into a branch?

- Of course, opening of representative office for us is an initial step in the matter of our presence in Azerbaijan. Currently, the main clients of Commerzbank in your country are banks. For this reason, we focused our efforts on the development of our cooperation precisely with credit institutions, in particular on lending for banks.

In the near future we are also going to focus on development of Azerbaijan’s foreign trade financing with other countries. At that, we don’t set for our customers, as a condition of funding, that a cosignatory should be a company from Germany or any other European Union country. Commerzbank finances deals with representatives of any countries, including CIS members.

However, the question of our representative office transformation into the branch is not considered currently.

- In your opinion, which areas of banking activities have the greatest potential of development in Azerbaijan?

- With the withdrawal of the country’s economy out of recession, the banking sector will start spinning up its pace. In my view, today’s high potential and prospects exist in all major areas of banking activity, particularly in the corporate sector, retail banking, as well as the financing of export-import operations.

- What is the main benefit of the annual international financial exhibition SIBOS for Commerzbank?

- SIBOS is the biggest event in the international banking industry. For us the main benefit of the exhibition is that it gathers together the most current and potential partners and customers of our bank in the same place - the ideal conditions for negotiations and communication. No one other business provide such opportunities.


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