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Thursday, January 10, 2008

Societe Generale intending to acquire a bank in Azerbaijan

26 December 2007 - APA - France’s Société Générale has applied to the National Bank of Azerbaijan for acquisition or establishment of a bank in the country. Rufat Aslanli, Deputy Chair of the Directors' Board of the National Bank, said Société Générale has operated a representative office in Azerbaijan since 2004 and its main aim is to establish a bank. “Negotiations are ongoing with several banks in Azerbaijan. The target bank has not been specified yet,” he noted. Citibank and Commerzbank are also expected to open their representative offices in Azerbaijan soon.

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