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Turkish bank to expand credit card operations in Azerbaijan

Business Materials 21 September 2012 15:08
YapiKredi Azerbaijan plans to reach 228 million dollars in its total card turnover and to issue 150,000 cards, the deputy general director of retail sales of Yapi Kredi Bankasi Nazan Somer reported on Tuesday at the presentation of a new product Worldcard in Baku.

Azerbaijan, Baku, Sept. 18 /Trend A. Gasanov/

YapiKredi Azerbaijan plans to reach 228 million dollars in its total card turnover and to issue 150,000 cards, the deputy general director of retail sales of Yapi Kredi Bankasi Nazan Somer reported on Tuesday at the presentation of a new product Worldcard in Baku.

"The total turnout is expected to reach 534 million dollars by the second year", Somer said.
She said the number of YapiKredi's credit cards in Azerbaijan reached 279,000 and their utilisation level amounts to five per cent while a total turnout of credit cards for the same period of time amounts to 811 million manats.

According to the executive director of the Turkish bank Faik Achikal, YapiKredi Bankasi has been operating in Azerbaijani market for more than 20 years. The assets of YapiKredit Azerbaijan amounted to 288.3 million dollars in August of 2012.

"This indicator enabled the launch of this product to the market and the bank is going to succeed in the credit payment field based on its 23 year long experience of operating in the Azerbaijani market,"Achikal said.

The primary task of Worldcard's promotion in Azerbaijan is the increase of customer and retail sector awareness.

Yapi Kredi Bank Azerbaijan was established in 1998 and is the branch of Turkish Yapi Kredi Bankasi. The Yapi Kredi Bankasi shares are transmitted to the Turkish Kos Group and UniCredit Company (current beneficiary of the International Bank of Moscow and leader among international bank groups on the Central and Eastern Europe markets) on a parity base.

Official rate for September 18 amounts to 0.7853 AZN/USD.

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