Number of banks in liquidation process reaches 7 in Azerbaijan

Baku: Number of banks in the liquidation process reached 7 from 5 in Azerbaijan, APA-Economics reports quoting Central Bank of Azerbaijan.

In the third quarter, the banking sector lost 2 banks – Eurobank and Azerbaijan Credit Bank. Licenses of these banks have been cancelled under the decision of Central Bank of Azerbaijan.

For the present, 43 banks operate in Azerbaijan. Two of them are state-owned banks, 41 – private banks.

Number of banks with foreign capital reduced to 22 from 23, as Eurobank left the sector.

According to outcomes of the third quarter, Azerbaijan-based banks operate 758 branches, while they operated 763 in the second quarter. Banks link the reduction with optimization.

Departments of local banks increased to 165 from 163.

SOURCE: AZERI-PRESS NEWS

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