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One more Azerbaijani banks seeks to open a branch abroad

01 July 2009 15:38 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan-based Amrahbank intends to open two representative offices abroad, said Emil Mammadov, Chairman of the Bank.

According to him, the offices will be opened in Abu Dhabi (UAE), and in London (United Kingdom).

â€œThe shareholders have already taken a decision to open offices. This issue will be solved by this yearend,â€ he added.

He added that the upgrading the offices to branches is not planned.

â€œPerhaps, these offices will be converted to other financial institutions in the future,â€ he noted.

So far, Kafkaz Development Bank and International bank of Azerbaijan have representative offices abroad.

Amrahbank is one of the oldest (est. 1993) and leading commercial banks of Azerbaijan. It offers a wide range of retail and corporate banking products such as deposits, loans, money transfers, documentary transactions and investment advisory services. Amrahbank is one of the most profitable banks of Azerbaijan (featuring in the top 3 banks by Return on Equity - 31 Dec 2008), has one of the largest branch networks (across Baku and different regions of Azerbaijan) and equity base. The Bank is a member of various professional organisations such as the Deposit Insurance Fund, Mortgage Fund, National Entrepreneurship Fund and Azerbaijan Banks Association. A recent strategic partnership with the International Investment Bank based in Bahrain (through a 49% shareholding), has played a key role in further developing many areas of Amrahbank including corporate governance, international cooperation and product and services quality.