First Azerbaijani bank enters Turkish market

Business Materials 8 December 2011 13:18 (UTC +04:00)

Azerbaijan, Baku, Dec. 8 /Trend I.Khalilova, A.Tagiyeva/

Official opening of the office of Texnika Bank will be held in Istanbul on Dec. 16, the bank told Trend on Thursday.

"It is the first subsidiary of Texnika Bank abroad," the bank said.

Texnika Bank is the first Azerbaijani bank on the Turkish market. Although other banks voiced their plans to open their offices in Turkey, none of them has come in this market yet.

CEO Samir Huseynov told Trend earlier that opening a representative office in Turkey will enable Texnika Bank to work closely with the Turkish banks and give birth to additional opportunities for expanding trade financing.

"We plan to open the first representative office in Istanbul, taking into account the close relationship between Turkey and Azerbaijan, as well as a large volume of trade," Huseynov said. "We are also ready to help both the Azerbaijani and Turkish companies that want to invest in the markets of Turkey and Azerbaijan, and to offer our banking products them."
The bank plans to transform the Turkish representation into the branch in the future, the Turkish media reported.

Texnika Bank in addition to the Turkish market has plans to enter the Russian and the UAE banking market under its strategic development plan by 2015. "We plan to open offices in Moscow and Dubai, but the terms are yet to be determined," Huseynov said.

Texnika Bank will be the 5th, after International Bank of Azerbaijan, the Caucasus Development Bank, Zamin Bank and Pasha Bank, which have been already represented abroad.

Texnika Bank has been operating in the country since 1993 and was the 100 percent Azerbaijani bank prior to 2007. Currently, the bank's majority shareholder is World Wines that holds 75 percent of its stock. Chairman of the bank's Observation Board Etibar Aliyev and US's Kazimir Investment Caspian Fund hold 15 percent and 10 percent, respectively, of the stock.