Turkish private lender Is Bankasi reportedly interested in Azerbaijan’s Muganbank.
Unnamed Azeri officials confirmed talks between one of Turkey’s largest private banks Is Bankasi and Azeri lender Muganbank, the Turkish daily Haberturk reported. Is Bankasi wants to buy Muganbank which has 33 branches, according to the sources. However the sources declined to comment on how the talks progressed or whether the parties reached an agreement.
It was previously reported the banks in Azerbaijan are failing to meet capital increase requirements thus they seek partnerships or want to sell some of their stakes and consequently turned to Turkish banks. Local daily Hurriyet reported in March that three or four Turkish banks may buy banks in Azerbaijan. Hurriyet also reported in March that Is Bankasi had been in talks with Azerbaijan’s Arezi Rabitabank for a possible acquisition. Talks that had been launched last year were inconclusive at the time of negotiations as the parties failed to agree on a price, the daily speculated.
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