As a result of a thorough analysis of the financial condition and the profile of Bank Respublika, Bank of New York Mellon approved the opening of a correspondent account in US Dollars for the bank. This decision indicates a high level of trust of its counterparties in the bank and its strong reputation in the international market.
Bank of New York Mellon, established in 1784, is one of the oldest banks in the United States, with offices in more than 40 countries worldwide. Today Bank of New York Mellon is one of the world's largest investment companies in terms of assets.
The counterparties also agreed on the establishment of treasury operations. This new cooperation of Bank Respublika with the leading bank of the world will expand its activities in cross-border settlements, develop international money transfers, and strengthen the bank's status on the global financial stage. Expansion of cooperation with foreign partners will create more favorable business conditions for the bank's targeted customers - players of the corporate sector, small and medium-sized businesses.
"Opening correspondent accounts in the US banks in recent years involves several complex procedures and full compliance with the American banking system's strict requirements. The positive decision of Bank of New York Mellon signals both about the high level of trust in our bank and the banking sector of Azerbaijan in general." – said the Chairman of the Board of Bank Respublika, Tariyel Ismayilov.
It is already the second correspondent account of Bank Respublika in US Dollars in the United States. The establishment of a partnership with Bank of New York Mellon is strengthening the position of Bank Respublika in international settlements as one of the leaders in the Azerbaijani banking sector.