Bank with 100 percent Iranian capital to be established in Azerbaijan

The Iranian bank Bank Melli Iran is planning to establish a new bank
in Azerbaijan with its own investments, the executive director of the
bank, Mahmoud Rza Haver, said, Trend reports.
"These plans are related to projections of increasing trade turnover
between Azerbaijan and Iran to $10 billion," Haver said. "We decided
to establish a new bank to achieve these goals." Currently, the annual
volume of trade between the countries does not exceed $700 million.
A branch of Bank Melli Iran was opened in Baku in 1993.
According to Haver, the share of assets of Bank Melli Iran equals 30%
of the current total assets of Iranian banks.
"Today, a meeting with the chairman of the Central Bank of Azerbaijan
Elman Rustamov saw a discussion of the establishment a new bank,"
Haver said. "And we intend to officially apply to the Central Bank for
a license on Tuesday or Wednesday".
According to Haver, the bank will be Azerbaijani, but with 100%
Iranian capital. The new bank will open branches not only in Baku, but
also in major cities of Azerbaijan, as well as in cities bordering
with Iran.
"Creating such a bank will help simplify monetary exchange between
Azerbaijan and Iran," said Haver.