TuranAlem bank waits for license for opening of Baku Office

Business Materials 15 December 2005 15:39 (UTC +04:00)

The National Bank of Azerbaijan studies the documents on opening of the Baku Office by the Kazakh TuranAlem bank. “It is normal process up to the rules of licensing envisaged in the Law on banks, Rufat Aslanly, the head of the NBA Department on Supervision over Credit Organizations, told Trend.

He did not exclude the possibility of license issue to Turan Alem bank till late 2005 that depended on the meeting of the Board of the bank. The Baku Office opened in August was registered at the Justice Ministry. Aida Sultanova, the head of the Baku Office also does not know the reason for delay.

The bank holds offices in Russia, Belarus, Ukraine, Kyrgyzstan, Georgia, Armenia, Tajikistan, as well as the Korean People’s Republic. It open the office in Baku within the expansion strategy.