BANK TURANALEM OPENS ITS REPRESENTTAIVE OFFICE IN AZERBAIJAN
The second large bank of Kazakhstan TuranAlem (BTA) will open its representative office in Baku on 24 August and plans to buy a local bank, head of the BTA Baku office Aida Sultanova told Trend.
According to her, they have been already registered at the Ministry of Justice of Azerbaijan and are waiting for the license of the National Bank of Azerbaijan (NBA).
The opening of the BTA office in Azerbaijan is implemented in the framework of the bankвЂ™s strategy on expanding its presence in the CIS countries.
Thus, for the moment, the Bank has its representative offices in Russia, Belarus, Ukraine, Kirgizistan, Georgia, Armenia, Tadjikistan, as well as in China.
The BTA office will represent the interests of the Kazakh Bank in Azerbaijan, it will study the banking sector and the financial services market, develop relations with local banks and will not render banking services. One of the major lines of its activities in Azerbaijan BTA sees in trade financing operations.
"We plan to purchase a local bank in Azerbaijan. We have announced our plans and are waiting for the proposals from the potential partners.
The BTA assets exceed $5,5 billion, a consolidated capital is over $600 million.