Anar Hasanov: Consolidation of banking sector will continue next year

Baku. 6 October. REPORT.AZ/ “Consolidation of the banking sector will continue throughout the next year”.

Report informs, first deputy chairman of the Management Board of Accessbank CJSC, Anar Hasanov said.

“The banking sector is going in the direction that banks will be bigger. The time of small banks will come to an end. The banks that were leader several years ago, now review certain options for merging.”

He also said that several financial institutions are interested to participate in getting shares: However, it was not in an official way, no relevant decision exists.”

A. Hasanov said there  lending of loans particularly in micro credit field revived since March: “The number of loans on average per each credit specialist increased by 3 times.

The amount also increased by 2,5 times. This is quite high figure. This is indicator of development that observed prior to first devaluation.”

He added that 52% of micro credits accounted for agriculture and loans given to farmers, which is indicator of the current trend.