Azerbaijan likely to pass a decision on Citibank’s representative office in February

Rufat Aslanli, Deputy Chair of the Central Bank, said Citibank intends to turn 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. The 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 a meeting of the Directors Board of the National Bank 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.

/APA/