Turkish private lender Is Bankasi reportedly interested in Azerbaijan’s Muganbank.

By bne IntelliNews May 24, 2013

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.

Related Articles

Turkey ups steel exports 28% in 2024 driven by EU shipments, US takes just small percentage

Turkey upped its steel exports by 27.6% y/y in 2024 to 13.4mn tonnes, according to the Turkish Steel Association (TCUD). Growth was driven by shipments to the European Union (5.9mn tonnes, up ... more

TPAO arm contracts Subsea7 for Sakarya gas field work offshore Turkey

Turkish Petroleum Offshore Technology Centre AS (TP-OTC) has contracted international offshore service provider Subsea7 to provide inspection, repair and maintenance (IRM) services at the Sakarya ... more

Turkish firm Bonysocks earmarks $50mn to build Egyptian factory

Turkish socks manufacturing company Bonysocks plans to invest $50mn to build a new factory in Egypt, Al Ahram reported on January 12 citing the Turkish Ambassador in Cairo, Salih Mutlu Şen.  ... ... more

Dismiss