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Turkish biggest bank ready for active bank transactions in Azerbaijan

Business Materials 5 October 2011 18:54
Turkish İş bankası plans to actively develop banking activity in Azerbaijan. It still intends to open a branch in Baku, deputy director general of the bank Serdar Gençer told Trend over phone on Wednesday.

Azerbaijan, Baku, Oct. 5 / Trend A. Akhundov /

Turkish İş bankası plans to actively develop banking activity in Azerbaijan. It still intends to open a branch in Baku, deputy director general of the bank Serdar Gençer told Trend over phone on Wednesday.

"In February 2010 we sent an appeal to the Azerbaijani Central Bank (CBA) to establish a branch of our bank," he said. But we have not received any response yet. We are waiting for a response from the CBA, maintaining the intention of opening a branch in Baku."

He said that the bank plans to expand corporate banking in Azerbaijan, as well as to work actively in trade financing, especially foreign trade.
"At present, a top priority for us is to obtain permission from the CBA," he said. "Afterwards, we will determine the amount of investments to be made and begin to make plans and set goals."

He said that for example, if we get a permission from the CBA to participate in any local bank, rather than to open a branch, İş bankası is ready to consider this variant.

CBA Director General Rashad Orujov said that İş Bankası's representative office is likely to be opened in Azerbaijan next year.

At present, about 44 banks operate in Azerbaijan, about 22 banks have foreign capital. Seven banks have foreign capital from 50 to 100 percent, up to 50 percent in 13 banks. There are branches of two foreign banks in the country.

Four representative offices of foreign banks operate in Azerbaijan.

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