Consolidation process in Azerbaijan banking sector started: number of banks can be dwindled twice by the year-end

Baku: Central Bank of Azerbaijan tries to consolidate banking sector, said the chairman of Bank VTB (Azerbaijan) Management Board Yuri Yakovlev.

According to him, the Central Bank manifested this intention while increasing the demand fof total capital to AZN 50 mln.

“Consolidation process has already started. 43 banks operate in Azerbaijan. The experts say that number of banks will reduce to 25-30 in 2015. 43 banks are too more for Azerbaijan. All banks try to be universal and do their best for this. Only 10 universal bank may operate in the market. However, it would be better that other banks are specialized in certain sphere”, the banker said.