Kazakh bank TuranAlem froze negotiations with Azerbaijani banks on purchase of shares due to non-solution of the issue of licensing to the Kazakh bank to function in Azerbaijan, Trend reports quoting Aida Sultanova, the head of the TuranAlem Baku Office.
It is too early to speak about the banks, participating in the negotiations. The issue is frozen, the head of the representation said.
The official opening ceremony of the representation was held in August. Nevertheless, the bank is waiting for issue of license by the National Bank of Azerbaijan. TuranAlem had talks with local banks to purchase shares, but suspended it due to delay in issue of license. At the first stage TuranAlem planned to acquire 10% share with its further expansion to controlling share.