License for opening of TuranAlem's Baku Office to be its guarantee for purchase of Azeri bank

Business Materials 27 January 2006 17:02 (UTC +04:00)

The Kazakh TuranAlem banks plans on the participation in the Azerbaijani banking sector through the purchase of a share delay in relation to the postponement in the granting of license to bank for opening of the Baku Office by the National Bank of Azerbaijan (NBA). Until issue of the license what is guarantee that NBA will allow us to purchase control packet of shares of Azerbaijani bank, Aida Sultanova, the head of the Baku Office, told Trend. Besides, she supposes that there must not be problems, as NBA officially restated about its readiness to welcome foreign investors at the banking market of the country. I think that it will turn out truth and we will receive the license for opening of representative office soon, Sultanova stressed.

The official opening ceremony of the Baku Office was held in August 2005, but the bank is waiting for license. The bank holds negotiations with local banks for purchase of a share as well. It may be limited within 5%-10% with further expansion to control packet of shares, the representatives of TuranAlem said.

The plans on expansion of presence in the CIS countries are carried out within the banks strategy. The Bank holds offices in Armenia and Georgia, and declared about purchase of local banks in Tbilisi.