Baku, Fineko/abc.az. The Azerbaijan-based only subsidiary company of one of the world’s largest banking groups indicates quality of domestic banking sector.

Oleg Krasnozhon, the chairman of board of VTB Bank (Azerbaijan), says that Azerbaijan has vast potential for business, but needs to foster separate industries.

“At the same time quality of country’s banking sector is quite high. In any case, the key 10-15 domestic banks conform to the majority of international requirements,” he said.

He also stressed adherence to practice of credit institution head certification introduced by the Central Bank of Azerbaijan.

“In the process of preparing for certification I was pleased with high quality of legislative and normative acts regulating banking activity in the country,” Krasnozhon said.

Azerbaijan is numbering totally 46 banks. OJSC VTB Bank (Azerbaijan) belongs by 51% to Russian banking group VTB (it is in TOP 100 of key banking groups of the world). Group’s assets total 3.6 trillion rubles ($120 bn) with 2.7 trillion rubles ($91 bn) of loan portfolio, including $20 bn of portfolio outside of the CIS area.

25.12.2009 09:55