Two more Turkish banks have made arrangements to open branches in the northern Iraqi city of Arbil.
Following Ziraat Bankası, Vakıfbank and İş Bankası, Albaraka Türk and Bank Asya -- two leading participation banks in Turkey -- are making final preparations for their yet-to-be-opened offices in the city. (source)
According to information Cihan news agency received from the officials at each bank, their applications were approved by the Banking Regulation and Supervision Agency (BDDK) and they have already started to look for places to rent. In order to complete procedures to open a branch there, the banks also need approval from local authorities, but no problems are expected given that Iraq and Turkey are both pushing to improve economic relations.
As a result of the renewed vision between the two countries, Ziraat Bankası's branch has already started operations in Arbil, while Vakıfbank's branch is expected to soon open its doors. Banking circles in Ankara speculate that after opening in Arbil, a number of Turkish banks are now eyeing Mosul and Kirkuk.
Source : http://www.worldbulletin.net/news_detail.php?id=69070 - Jan 27, 2011
