The limit of participation of the foreign capital in the banking system of the Republic of Azerbaijan must be set by the financial markets supervisory authority. The limit on participation of foreigners and foreign legal entities in local banks, with the exception of foreign banks or foreign bank holding companies, must also be set by the financial markets supervisory authority. However, such limits have not been set by supervisory authority. According to the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) (2020), in the case of insurance companies, the share of foreign insurance companies in the authorized capital of local insurance companies may not exceed 30% of aggregate authorized capital, and the share of one foreign natural person may not exceed 10% of capital. For the purposes of the OECD FDIRRI, it is assumed that an equivalent restriction to the one applied to insurance companies also applies to the banking industry. In addition,  this is assumed equivalent in terms of restrictiveness to foreign ownership caps for the acquisition (only) of individual banks. 
"Chapter I. General Provisions [...]
Article 5. Participation of foreign capital in the banking system of the Republic of Azerbaijan
5.1. The limit of participation of the foreign capital in the banking system of the Republic of Azerbaijan shall be established by the FMSA. 
5.2. The limit of participation of foreign citizens and foreign legal entities in local banks, with the exception of foreign banks or foreign bank holding companies, shall be established by the FMSA.
5.4. Foreign citizens and foreign legal entities as well as foreign banks and foreign bank holding companies, registered in offshore zones, a list of which is established by the FMSA, may not be founders or shareholders of local banks, as well as set local subsidiary banks, open local branches and representative offices. [...]

Chapter II. Issuance of licenses and permits for banking activities [...]
Article 9. Licensing of local branches of foreign banks
9.1. No foreign bank shall be allowed to establish branches in the Republic of Azerbaijan without the bank license, issued by the FMSA. [...]

Chapter III - CREDITING, MANAGEMENT AND INTERNAL AUDIT OF BANKS
Article    19. Banks Organization
19.1. Except as provided in Article 57-8 of this Law, a bank shall be established and operated by at least three legal entities and / or individuals in the form of an open joint stock company. [...]" (Law of the Republic of Azerbaijan "on Banks" dated January 16, 2004 No. 90 590-IIQ [google translated])
Law of the Republic of Azerbaijan "on Banks" dated January 16, 2004 No. 90 590-IIQ [google translated]
[<a href="http://www.e-qanun.az/framework/5825">Law</a>],[<a href="https://www.elibrary-areaer.imf.org/Pages/Reports.aspx">Other</a>]