May 27, 2012
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Albaraka Türk eyes opening branch in northern Iraq
16 July 2010 / SERKAN ŞAHIN, KONYA
Emerging from the global financial crisis unscathed, several Turkish banks plan to expand into regional countries. Following Ziraat Bankası, İş Bankası and Kuveyt Türk, leading Turkish participation bank Albaraka Türk is also planning to open a branch in Arbil, northern Iraq, Fahrettin Yahşi, 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, Yahşi told Today’s Zaman. Feasibility studies are currently under way to open a branch in Arbil, he said, adding that as soon as the studies are completed, a report will be presented to the board for approval. Yahşi said they expect a decision to be made about the Arbil branch by mid-August. Yahşi 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.
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