Pakistani banks showing interest in Azerbaijani market

President of the Pakistan-Azerbaijan Economic Cooperation Chamber (PAKAZCHAM) Khurram Bhatti has said that although the National Bank of Pakistan has closed its branch in Azerbaijan’s capital Baku, other Pakistani banks are showing interest in the Azerbaijani market and are negotiating to open branches here.

“Azerbaijan and Pakistan can also cooperate in the field of insurance,” Bhatti told Report.

"Negotiations are underway between the Azerbaijan Insurers Association and Insurance Association of Pakistan. Insurance makes up a big part of the service sector. It is planned to hold a meeting on this issue in December 2022," he said.

Bhatti added that Pakistani leasing companies also show interest in the relevant market of Azerbaijan.

“Meetings on this issue are scheduled for February 2023,” he said.

MCB non-bank credit organisation, a subsidiary of Pakistani MCB Bank, is currently operating in Azerbaijan.

The National Bank of Pakistan decided to leave the Azerbaijani market in October 2022.