Azerbaijan, Baku, August 2 /Trend, A.Akhundov/
Azerbaijani Central Bank believes that, the consolidation process of the country's banking sector is "healthy" and sees no reason to worry, CBA deputy chairman of board Khagani Abdullayev said on Friday.
Currently, the banks of the country should have aggregate capital at least, in the amount of 10 million manat, however, the new requirement of CBA in the amount of 50 million manat will come into force from January, 2014.
"Currently, the capitals of the banks, which have a 75 percent of share in the assets of the sector, meet the new requirement. The process of capitalization continues. We see no serious problems," Abdullayev said.
According to him, the Central Bank promotes the transformation of the banks, which will fail to increase their capital to the new level, to non-bank credit organizations, or the merger of these banks. CBA foresees such a course of events.
There is already a successful practice of banks consolidation with the participation of EBRD. The present Unibank was formed as a result of merger of two commercial banks - Mbank and Promtechbank in 2002, where the EBRD got a share participation of 15 percent. Following this, "Bank of Baku" JSC merged with IlkBank in 2005.
The official exchange rate for August 2 is 0.7845 AZN/USD.
