Azerbaijani second bank opens representative office in Turkey
Azerbaijan, Baku, Feb. 28 / Trend A. Akhundov /
Muganbank will become the Azerbaijani second bank, which entered the Turkish banking market, Muganbank deputy chairman Rasim Ismailov told Trend today.
He said that the bank plans to open a Turkish representative office in the mid. 2012. This will be the second structure of Muganban outside the country. The Azerbaijani Central Bank permitted to open its first representative office in Russia.
"The opening of a representative office in Turkey will be the next step after joining the Russian banking market in the nearest future," he said. "It is planned to do in June or July of this year."
The first Azerbaijani bank in the Turkish market is Texnika Bank. Texnika Bank opened its first overseas office in Istanbul in December 2011.
He said that the bank also plans to open a representative office in China.
"We will try to enter the Chinese market this year," he said.
He said that the opening of the representative offices abroad is also associated with implementation of Muganbank own money transfer system - Monex from 2012. Monex system was put into operation in November 2011, but it still designed to render services within the country.
"The bank's strategic plan for 2012 also included the development of Monex system in international markets," he said. "We are confident that we will fulfill our obligations under this plan successfully."
At present, "Monex" unites more than ten cities and settlements of Azerbaijan, having Muganbank branches, he said. At present, the bank has 30 branches and two offices in Baku and regions of Azerbaijan.
He said that there are no plans to expand its branch network in the country for this year.
Besides Texnika Bank, four Azerbaijani banks - International Bank of Azerbaijan, the Caucasus Development Bank, Zamin Bank and Pasha Bank are represented outside of the country.
There are 44 banks in Azerbaijan.