Azerbaijan, Baku, Aug.4 / Trend /
Amrahbank and Turkapital Holding BSC signed a Memorandum of Understanding to establish a cooperative working partnership in areas of common interest, the bank's press release says. The goal of this agreement is to encourage cooperation between the parties in the areas of direct investment opportunities in Azerbaijan and Turkey.
The agreement was signed by Mr. Fawaz Al-Issa, Chief Executive Officer of Turkapital and Mr. Emil Mammadov, Chairman of the Management Board of Amrahbank.
Commending the efforts of Amrahbank OJSC, Mr. Fawaz Al- Issa said: "Turkapital believes that Azerbaijan presents strong opportunities for profitable investment in the near future, from which we are ideally positioned to benefit through Amrahbank". "The Bank will assist Turkapital in studying its investment projects for Azerbaijani investors. Furthermore Turkapital will cooperate with Amrahbank in evaluating and selecting interesting investment projects," he added.
Turkey's trade turnover with Azerbaijan was $2.5 bln during past 5 years. It is expected to be doubled to $ 5bln during next 5 years.
Turkapital was founded in 2008 with the share capital of $150 million and objective of becoming the leading channel for investments from the Gulf Cooperation Council (GCC) countries into Turkey and Eurasia. As Sharia'a compliant private equity house, it offers investors ethically sound platform via which they can take equity positions in dynamic emerging markets. Turkapital's assets rose 22 percent annually from $ 173.1 million in 2008 to $211.5 million in 2009 and to $272.7 in 2010.
Amrahbank is one of the oldest (est. in 1993) and leading commercial banks of Azerbaijan. Recent strategic partnership with the Bahrain based International Investment Bank (through 49% shareholding), has played a key role in further development of various spheres of Amrahbank's activity such as corporate governance, international cooperation, array and quality of products and services.