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

Erdogan says he plans talks with lenders on cutting Turkish interest rates

Turkey's President Recep Tayyip Erdogan said on October 13 that he plans to hold talks with both public and private lenders on how to lower interest rates. He did not say, however, when those ... more

Turkey's Erdogan turns fire on US ambassador in diplomatic spat over arrest

Turkish President Recep Tayyip Erdogan has turned his fire on the US ambassador to Turkey for the ... more

Turkey-based Eurasian development bank ETDB signs memo to boost return to Iran

The Central Bank of Iran (CBI) and the Turkey-based ECO Trade and Development Bank (ETDB) have signed a memorandum on strengthening bilateral ties, the CBI said on October 10. ETDB is a Eurasian ... more

Dismiss