Azerbaijan, Baku, Feb.9 / Trend A.Taghiyeva /
Management of the Turkish Bank Is Bankasi decided to buy a bank already operating in Azerbaijan or create a new one, the bank told Trend on Thursday.
"We haven't yet decided on a local bank we are going to buy, that's why we haven't yet submitted an official appeal to the Central Bank of Azerbaijan to get permission. However we have already made a decision on this issue," the bank said.
At the same time Is Bankasi has already appealed to the CBA to get permission to open a branch.
"Currently we are waiting for response from the CBA," the bank said.
As for money Is Bankasi intends to invest in creation of bank in Azerbaijan, decision on this hasn't been yet made, the Turkish bank said.
Is Bankasi has 891 branches in Turkey and 11 branches abroad as well as subsidiary bank in Germany and office in China.
In 2008 Is Bankasi appealed to the CBA with a proposal on expansion of banking transactions in the country, but at that time uncertainty existed on the issue of form of entering the country's banking sector - as a branch or purchase of stock in an operating bank.
Currently, there are 44 banks operating in Azerbaijan, including 22 ones with foreign capital. The share of foreign capital in seven of them varies from 50 percent to 100 percent, and in 13 of them is up to 50 percent. Branches of two foreign banks operate in the country.