Transformation of American Citibank’s representative office in Azerbaijan into a subsidiary bank is delayed because of the global financial crisis, Deputy Chairman of National Bank of Azerbaijan (NBA) Board of Directors Rufat Aslanli stated.

Mediamax reports referring Trend that Citibank is already dealing with the purchase of shares in the Azerbaijani bank.

Representative office of American Citibank has been functioning in Azerbaijan since May, 2008.

Besides Citibank, representative offices of two other banks – Latvian Parex Bank and German Commerz Bank – function in Azerbaijan as well.