Turkey’s Ish Bankasi Determines Form of Entering Azerbaijan’s Banking Market

Business Materials 12 March 2008 12:56 (UTC +04:00)

Azerbaijan, Baku, 12 March / Trend corr I. Khalilova/ Turkey's Ish Bankasi plans to open a branch in Azerbaijan in order to extend its operations in the country, the Chairman of the Board of the Ish Investment company Ozcan Turkek said in Baku at a meeting with the Economic Development Minister of Azerbaijan Heydar Babayev. [Ish Bankasi applied to the National Bank of Azerbaijan with this proposal, but it was not determined whether the bank will enter Azerbaijan's banking market as a branch or it will purchase stocks in some Azerbaijani bank].

Ish Investment was established by Ish Bankasi in 1996. The company provides corporate and financial services (broker and trade operations, investment management) to local and foreign companies. The company has been cooperating with Azerbaijan for five years.

According to Turkek, Ish Investment is ready for cooperation with Azerbaijan's broker companies, and the key purpose of his visit is to study opportunities of extension of relations.

Azerbaijan's Economic Development Minister informed the Turkish delegation of Azerbaijan's acceptable terms for development of entrepreneurship, of introduction of the 'single window' principle for business registration, and invited Ish Investment to expand its operations in Azerbaijan.

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