Turkish bank intends to open branch in Azerbaijan

Azerbaijan, Baku, Feb. 15 / Trend, A. Tagiyeva /

Turkish İs Bankası preserved its interest in entering the Azerbaijani banking market by opening a branch. The director of the bank Adnan Bali told Turkish television Ntvmsnbc that along with Azerbaijan, the bank plans to open branches in Georgia, Iraq and Pakistan. It is also planned to expand the activity of the bank by opening a new branch in Egypt.

Earlier İs Bankası has repeatedly expressed its interest in the activity in Azerbaijan. The bank is considering various variants to enter the market by creating a new bank or purchasing an existing bank in the country.

Founded in 1924, Is Bankasi is the largest private bank in Turkey in terms of assets. It has made a significant contribution to the development of the Turkish economy for the many years. The bank has 1,194 branches in Turkey with 24,788 employees. The bank also has 12 branches in Germany and one in France, the Netherlands, Switzerland and Bulgaria.

İs Bankası's profit increased by 103 per cent to 684 million lira in the third quarter of 2012 compared to the same period of 2011.

The official exchange rate is 1.7619 TRY/USD on Feb. 15.