Turkey’s Isbank is
looking to grow its operations in Azerbaijan, Egypt, Iraq and
Syria, as it ramps up its international ambitions.
Isbank’s general manager
Ersin Özince told Turkish newspaper Milliyet: “We are
considering opening new branches in Baku [the Azerbaijan capital],
Cairo and [Iraqi cities] Baghdad, Erbil, Kerkuk and
Sulaymaniyah.”
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In addition, Isbank is
looking to open branches in Syria’s largest city,
Aleppo.
Özince added that the
bank’s German subsidiary, Isbank GmbH, is looking to expand its
branch network and has already acquired a banking license from
Bulgarian authorities to open a branch in the country’s capital
Sofia.
He said that Isbank does
not want to have a “collection” of banks in different
countries.
“We can’t buy a bank in
every potential country but we can consider appropriate
opportunities [to open branches].”
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By GlobalData“For instance, [the
government of] Iraq understands this approach despite being a
country of high potential [for banking]. It knows the strength of
the Isbank brand. It allows us to open a branch because it knows
that the Isbank brand would benefit [the country] more than a small
bank. We will invest $7million in capital per branch.”
Isbank has previously
announced plans to grow its domestic Turkish branch network from
1,135 to 1,200 outlets in the next 12 months.
