TuranAlem probable to acquire share in Azeri bank in 2006

Business Materials 9 November 2005 13:13 (UTC +04:00)

TuranAlem, a Kazakh bank, is probable to acquire a share in an Azerbaijani bank in 2006, Aida Sultanova, head of the Baku office of TuranAlem told Trend.

"At present we do no carry out selection of the bank to participate in. However, we hold discussions on the issue with 8-10 Azerbaijani banks,” Sultanova stressed, adding a purchase of the share in the capital of the Azerbaijani bank might be possible only in 2006.

During the opening ceremony of the Baku office of the Bank in August 2005 Erkin Tatishev, the deputy chairman of the Managing Board of the bank, said that TuranAlem is ready to acquire a share in one bank even in 2005. TuranAlem was also ready to enter the Azerbaijani bank with a small packet and increase it to the size of a control packet. We don’t want to be a portfolio investor and regard ourselves as a strategic investor,” Tatishev underscored.