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)