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    Two Azerbaijan banks permitted to operate in Poland

    Appeal of 2 commercial banks based in Azerbaijan on establishing subsidiaries in Poland responsed

    Baku. 5 January. REPORT.AZ/ Polish Central Bank officially permitted two commercial banks based in Azerbaijan to operate in financial market of this country. They are Azerbaijan International Bank (ABB) and PASHA Bank OJSC. Report informs referring to the information given by the Polish Financial Supervision Authority (KNF).

    Before the permission to operate as a subsidiary in Poland primarily was given to PASHA Bank, then ABB.

    As for opening banks in Poland, we of course welcome a foreign capital and investments. If any subject wants to open bank in Poland it must receive a permission from the Polish Financial Supervision Authority (KNF) and it should also meet requirements described in a Polish Bank Law. Board of every bank should consist from at least 3 persons, and among them can be foreigners. Nevertheless capital must be pay in Polish Zloty. Initial capital cannot be lower than 5 million euro converted into Polish Zloty on a rate announced by National Bank of Poland, say KNF officials.

    It also should be noted that press-service of PASHA Bank refuted this information. And ABB press-service told they have no information on this matter. 

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