One of Turkish biggest banks determines way of joining Azerbaijani banking sector
Azerbaijan, Baku, Jan. 7 / Trend N. Ismayilova /
Turkish Ish Bankasi announced plans to expand transactions in the CIS and Egypt. The bank plans to set up its branch in Azerbaijan, the bank said.
"The bank has already got permission from Turkish regulating bank body to set up a branch in Baku and a representation in Cairo. The bank also intends to expand banking transactions via mediatory firms in Russia, Ukraine and Kazakhstan," the message said.
In 2008, Ish Bankasi applied to the Azerbaijani Central Bank with a proposal to expand bank transactions in the country. But uncertainty concerning the country's joining the banking sector as a branch or purchase of share holding in the operating bank was preserved.
Market capitalization of Ish Bankasi hit about 17.912 billion Turkish lira in late September 2009. It is the fourth company among private ones in Turkey. About 12.3 percent of the bank's package of shares was sold to national and international investors in May 1998. Earlier, it was at Turkish Treasury's disposal. At present, the bank's shares are rated on Istanbul and London stock exchanges.
At present, about 46 banks operate in Azerbaijan, 23 have foreign capital. Weight of foreign capital has been formed from 50 to 100 percent in seven banks, up to 50 percent - in 14 banks. Other two local branches of foreign banks also operate.
The number of banks' branches operating abroad hits nine, including six representations, two subsidiaries and an office. About four representations of foreign banks also operate in Azerbaijan.