Azerbaijani bank to enter Ukrainian, Turkish markets
Azerbaijan, Baku, Feb. 25 / Trend , I.Khalilova/
Zamin Bank is expanding its activities outside CIS countries and plans to open an office in Turkey, Chairman Zahra Guliyeva said on Feb. 25.
"The bank launched preparations to open an office in Ukraine by May," she said.
Zamin Bank's second representation office will open in Kiev. The first opened in Moscow in 2007.
According to the bank's strategic development plans for 2008-2012, a subsidiary will open in Ukraine after 2009.
Zamin Bank is negotiating with the Turkish Central Bank to open an office in the country, Guliyeva said.
The bank's activities in Russia and Ukraine will service remittances via the international Caspian Money Transfer System.
Banking operations may launch in the two countries in the future.
Zamin Bank is the third bank after the International Bank of Azerbaijan (IBA) and the Caucasian Development Bank to have offices outside the country.
The IBA and Caucasus Development Bank have offices in Georgia.
Zamin Bank plans to enter Georgian market by opening a representation office.
The bank currently works with Georgian banks through correspondent accounts.
On Feb. 25, the official exchange rate is 0.8048 manat to $1.
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