Albaraka Türk to Open Branch in Erbil

Emerging from the global financial crisis unscathed, several Turkish banks plan to expand into neighbouring countries.

Following Ziraat Bankas‎, Bankas‎ and Kuveyt Türk, leading Turkish bank Albaraka Türk is also planning to open a branch in Erbil, northern Iraq, Fahrettin Yah‏i, the general manager of the bank, said yesterday.

The growing business volume between Turkey and Iraq makes it necessary to have a branch in the region, Yah‏i told Today’s Zaman. Feasibility studies are currently under way to open a branch in Erbil, he said, adding that as soon as the studies are completed, a report will be presented to the board for approval. Yah‏i said they expect a decision to be made about the Arbil branch by mid-August. Yah‏i also said Albaraka Türk will provide technical support to a bank to be opened in Albania by its parent company, the Al Baraka Banking Group.

(Source: Today’s Zaman)

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