Financial Market Control Chamber makes a statement on consolidation of banks

Baku. 14 April. REPORT.AZ/ Processes of consolidation may occur within strategic review and initiatives of the banks.

Report was told at Azerbaijan's Financial Market Control Chamber as a response to the question about consolidation of banks: 'Currently, important measures are being taken to strengthen financial stability of the banking system and trend of stabilization is already observed in the sector. Processes of consolidation may occur within strategic review and initiatives of the banks'.

Notably, however, a while ago 'AGBank' OJSC came to an initial agreement with other banks on consolidation, it has decided to continue its work independently. Furthermore, several banks, which licenses have been annulled by the Central Bank of Azerbaijan Republic (CBA), try to merge and restore their licenses.