Another Turkish bank interested in Azerbaijan’s financial market

Business Materials 27 February 2013 15:38 (UTC +04:00)

France, Paris, Feb. 27 / Trend A.Abbasov /

The second largest private bank in Turkey Garanti Bankasi AS is interested in the Azerbaijani banking market.

The executive vice-president of the bank Ebru Dildar Edin taking part at the Fourth Future of Banking Summit in Paris told this to Trend. The summit is organised by The Economist Conferences sponsored by Azerbaijani PashaBank.

"We intend to activate in Azerbaijan in the medium term context as our bank is focused on regional expansion," Edin said.

She said Garanti Bankasi will not take any steps in this direction in the near future, namely six months to a year from now.

As can be seen, the interest of Turkish banks to Azerbaijan is increasing. The largest private bank in Turkey İş Bankası has recently reiterated its willingness to enter the banking market of Azerbaijan by opening a branch office.

İş Bankası earlier considered various options to enter the market by creation of a new bank, or acquisition of 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 1194 branches in Turkey with 24,788 employees. The bank also has 12 branches in Germany and one in France, Holland, Switzerland and Bulgaria.

Garanti Bank is the second largest commercial bank in Turkey in terms of assets. It was established in 1947. The bank has 921 branches in Turkey and five branches in Northern Cyprus and one each in Malta and Luxembourg. The bank has representative offices in London, Dusseldorf and Shanghai.