Kazimov: CBA to support banking sector consolidation if pursued next year

The Central Bank of Azerbaijan (CBA) will support banking sector consolidation if such a decision is made next year, CBA Governor Taleh Kazimov said, Report informs.

"We support consolidation, as the Central Bank of Azerbaijan, because we believe that consolidation involving two or three large banks could increase competition, given the structure of the financial sector. This is precisely what we expect to see.

If any measures or plans for consolidation are introduced next year, we will support them. Of course, ensuring competition in the financial sector is also important. We currently have no such plans for this year. If there are any developments next year, we will provide information," he said.