Georgia's leading bank to open account at National Depository Center of Azerbaijan

Attracting foreign investors to the domestic market for the development of the Azerbaijani securities market and ensuring local investors' access to foreign markets are the main activities of the National Depository Center (NDC) in international relations.

The agency's statement says that the NDC is working consistently to establish relations with foreign depository organizations and global custodians.

In order to provide access to foreign markets, NDC is in bilateral talks with Clearstream, an international depository organization, to open a nominal deposit account with the organization. Negotiations have also begun with a foreign custodian- Raiffeisen Bank International, to open an account.

During the past period, several web meetings were organized between the NDC and these organizations. A detailed exchange of views was held on the rules and conditions of opening an account abroad. Various inquiries were made on NDC investment companies' potential customer base, trade volumes, foreign markets of interest to investors, and other relevant information.

Opening foreign accounts at organizations such as Clearstream and Raiffeisen Bank International will provide Azerbaijani investors with access to international markets through a more reliable platform and indirectly contribute to the development of the local financial market as a whole.

One of the main goals is to expand operational relations with foreign depositories, including the opening of a nominal holding account for the NDC in the Turkish Central Depository "Central Registry Agency" (CRA). In this regard, online meetings were held between the NDC and the CRA to discuss issues of mutual interest.

Foreign depositories and custodian banks are also taking measures to open nominal savings accounts in the central banks. In this regard, bilateral talks with the Bank of Georgia on opening an account at the NDC, a Georgian bank, have yielded positive results. As a final step, an agreement to open an account is expected to be signed soon.