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Turkish İş Bankası acquires bank in Azerbaijan

Business Materials 20 September 2012 12:50
Turkish İş Bankası intends to acquire a bank in Azerbaijan, after the country's Central Bank refused to permit it to open a branch, the Star newspaper reported on Thursday.
Turkish İş Bankası acquires bank in Azerbaijan

Azerbaijan, Baku, Sept.20/ Trend, A.Taghiyeva /

Turkish İş Bankası intends to acquire a bank in Azerbaijan, after the country's Central Bank refused to permit it to open a branch, the Star newspaper reported on Thursday.

'At present, İş Bankası is holding talks with three banks in Azerbaijan and an agreement has almost been reached with one of them. Currently, the parties are negotiating the purchase price of the bank', the newspaper reports.

In February 2010 İş Bankası sent an appeal to the Azerbaijani Central Bank (CBA) to establish a branch of its bank, the Turkish bank told Trend earlier.

In 2008, İş Bankası appealed to the Central Bank of Azerbaijan with a proposal to expand banking operations in the country, but at that point there was uncertainty over the form of entry to the banking market of the country, either in the form of a branch or buying equity in the current bank.

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