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Tuesday, August 22, 2017

Russia encourages expansion of Azerbaijani banks'

Russia extended a welcome to Azerbaijani banks on Tuesday at the fifth annual Azerbaijani-Russian forum on opportunities for growth in Gabala.

"We are waiting for Azerbaijani banks in Russia and are ready to provide full support, including from the Bank of Russia," Dmitry Savelyev, the deputy chairman of the Russian Duma, said, News.az reports.

There are currently two Azerbaijani banks in Russia-IBA-Moscow and Muganbank. IBA-Moscow is a subsidiary of the International Bank of Azerbaijan, the biggest bank in both the country and the South Caucasus, with $8.7 billion in assets.

Savelyev also said Russia is interested in expanding the presence of its banks in Azerbaijan. Two Russian banks--VTB Bank and Nikoil--currently operate in Azerbaijan, according to News.az.