In 2014, the Central Bank of Azerbaijan stated that the banking sector in Azerbaijan started to develop as a result of ongoing positive dynamics of macro indicators and regulations which were characterized by the role of banks in the economy. According to Financial Sector Assessment Paper (2012) prepared by the Asian Development Bank, there are 44 banks in Azerbaijan’s banking sector 5 of which are majorly owned by foreigners and remaining 18 are established with some foreign shareholders mainly from Russia, Turkey and Middle Eastern countries.