İşbank opens branch in Moscow

MOSCOW - Anatolia News Agency

Economy Minister Çağlayan (C) attends a branch opening ceremony in Moscow. AA photo

Turkey’s İş Bank opened an overseas branch in the Russian capital of Moscow yesterday.

İş Bank Chairman Ersin Özince said that the lender had not been as quick as other industrial companies to open an overseas branch attributing this to the fact that İş bank was busy ‘defending its home fortress.’

“We’ve had the best opportunities and reception in Russia. We have been waiting many years to open an overseas branch, but in a short period of time we were able to acquire a Russian bank with both a strong infrastructure and team and we will grow this bank,” he said at the bank’s opening ceremony.

Meanwhile, Turkey’s Economy Minister Zafer Çağlayan, who was also in Moscow for the opening, told reporters that İşbank was the seventh Turkish bank to open in Russia. “The Turkish banking system will foster bilateral trade everywhere where Turks are located and will be very important in allowing Turkish businessmen to conduct banking transactions within their own banks,” he said.

He also added that İşbank’s opening should not be viewed as a simple branch opening and that anyone engaged in trade would understand the significance of the opening of a Turkish bank.