Azerbaijan, Baku / Trend corr. I.Khalilova / Kazakhstan TuranAlam Bank renewed its interest in the Azerbaijani bank market, despite the bank's Azerbaijan office being closed by the decision of the Council of Directors of the Bank, which was registered in the Azerbaijani Justice Ministry from 8 June 2005, the National Bank of Azerbaijan (NBA) reported.
The National Bank of Azerbaijan delayed its issuance of permission for TuranAlam Bank to open its representative office in Azerbaijan.
An official opening ceremony of the representative office of the TuranAlam Bank was held in August 2005. TuranAlam Bank held negotiations to purchase share holdings with Azerbaijani local banks. Initially, the Bank was planning to maintain a limit within 5 or 10% of the control package and to expand in the future.
TuranAlam Bank has representative offices in Armenia and Georgia.