TuranAlem Bank Shuts Down Representative Office in Azerbaijan
Azerbaijan, Baku / Trend corr I. Khalilova / Through a decision made by the Committee of Directors of the Kazakhstan TuranAlem Bank, the representative office of the bank in Baku has been shut down.
The office was registered with the Azerbaijani Ministry of Justice on 8 June, 2005; however the National Bank of Azerbaijan (NBA) had not issued the official authorization. In compliance with the new legislation of the bank, even the opening of a representative office in the Azerbaijan Republic must be authorized by the NBA.
Plans of the TuranAlem to participate with the Azerbaijani bank through shareholding have therefore been suspended. Last year the head of the TuranAlem Baku office, Aida Sultanova stated "We are not allowed to purchase the control package of an Azerbaijani bank until the NBA authorises it," said. However, she believed there would be no problem as the NBA had officially welcomed foreign investors at the bank sector of the country.
The official opening ceremony was held in August, 2005. Waiting for permission from the NBA, TuranAlem Bank was simultaneously holding talks with local banks to purchase a share. Initially, the bank intended to obtain a 5-10% share and then to expand this to the control package.
Plans to extend its participation in the CIS bank sectors were implemented within the framework of the bank's strategy. The bank has its representative offices in Armenia and Georgia (in Transcaucasia).
Creditors are able to forward their claims for the bank within two months after the official announcement. The address of the liquidation commission is as follows: Storey 4, ISR Plaza, Nizami Avenue, Baku (MWP Ltd company). Tel: 497-89-48.