Albaraka Turk and Bank Asya, have become the latest Turkey-based
banks to expand into Iraq.
Albaraka Turk and Bank Asya are both looking to open branches in
Arbil, a city in the North of Iraq.
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Both banks have been granted permission by the Turkish banking
regulation and supervision agency, BDDK, and now await approval
from the Iraqi regulatory authorities.
Turkish rivals, including Ziraat Bankasi, Vakifbank and
Isbank, have previously announced plans to
target expansion in Iraq, with state-owned Ziraat already operating
in Arbil.
The general manager of Albaraka Bank in Turkey, Fahrettin Yahsi, said that the bank plans to open its
first branch in the first half of 2011.
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