The FINANCIAL -- The United States’ Citibank intends to acquire a stake in one of local banks, besides its plans to convert its representative office in Baku into a branch, said the National Bank of Azerbaijan.
Rufat Aslanli, Deputy Chair of the Central Bank, said Citibank intends to switch its representative office into a branch, or into a subsidiary by taking over a local bank within 18 months by consent of Azerbaijan.
“The process to grant a license to Citibank’s representative office in Baku is under way. Citibank submitted the final documents to the National Bank on January 15. The final decision on establishment of Citibank’s office is likely to be passed at the National Bank’s board meeting in February. That will be a decision for approval. There will be no decision for rejection because the National Bank has already given a tentative agreement. Citibank’s penetration into Azerbaijan’s market will have positive results and further strengthen competition, I think” he noted.