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Azerbaijan, Uzbekistan collaborating to establish joint banking ventures

Finance Materials 26 August 2024 13:34 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, August 26. Azerbaijan and Uzbekistan are currently working on establishing a partnership to open joint banking institutions, an informed source told Trend.

According to the source, this initiative aims to create new opportunities for businesses and citizens of both countries while enhancing the availability of financial services.

The source also noted that the joint banks would offer customers innovative products that combine the best practices of both nations, contributing to increased confidence in the region's financial system.

The total assets of Azerbaijan's banking sector at the beginning of 2024 amounted to 49.178 billion manat, or $28.928 billion, with 22 banks currently operating in the country.

In contrast, Uzbekistan's banking sector had total assets of $52.8 billion at the start of 2024, with 35 banks currently in operation.

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