Turkish bank's representative office likely to be opened in Azerbaijan

Turkish İş Bankası retains an interest in entering the banking market of Azerbaijan, the Director General of the Central Bank of Azerbaijan (CBA) Rashad Orujov told reporters on Tuesday.
"It is possible that a representative office of İş Bankası will be opened in Azerbaijan next year," said Orujov.

Previously, İş Bankası had announced its plans to expand operations in the CIS countries and in Egypt. The bank plans to open a branch in Azerbaijan, the bank said earlier.

"İş Bankası has already received permission from the bank governing body of Turkey to open a branch in Baku and representative office in Cairo. There is also an intention to expand the banking operations through intermediary firms in Russia, Ukraine and Kazakhstan," the bank said earlier.

In 2008, İş Bankası appealed to the Central Bank of Azerbaijan with a proposal to expand banking operations in the country, but then there was uncertainty on the form of entry to the banking market of the country - in the form of a branch or buying equity in the current bank.


/Trend/