Turkish Is Bankasi to acquire bank in Azerbaijan - report
Turkish Is Bankasi intends to acquire a bank in Azerbaijan, after the country's central bank declined authorization to open its branch, the Star newspaper reported on Thursday.
Is Bankasi is in talks with three banks in Azerbaijan and an agreement has nearly been reached with one of them. Currently, the parties are negotiating the purchase price of the bank, the newspaper said.
In February 2010 Is Bankasi applied to the Central Bank of Azerbaijan (CBA) to establish a subsidiary, the Turkish bank told Trend news agency earlier.
In 2008, Is Bankasi made a proposal to the CBA to expand operations in the country, but at that point there was uncertainty over the form of its entry to Azerbaijan's banking market -- either by opening a branch or buying equity in a local bank.
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