TURKEY'S ISBANK TO LAUNCH OPERATIONS IN BULGARIA IN JULY
Turkey's largest private bank, Turkiye Is Bankasi AS, or Isbank, will launch operations in Bulgaria on July 1 2011, according to the Bulgarian National Bank's (BNB) list of financial institutions and branches of foreign lenders licensed to do business in the country.
The bank will enter the country as a subsidiary of Isbank's German arm, Isbank GmbH, which allows the Turkish lender to avoid procedures related to applying and receiving a licence from Bulgaria's central bank. Under European Union legislation, credit institutions operating in an EU country can open branches in other member states by only notifying the central bank without obtaining a licence.
Isbank notified BNB about its plans to open a subsidiary in the country in 2010.
The Turkish bank runs 14 subsidiaries in Europe through its German arm, as well as a representative office in China. In October 2010, Isbank bought Moscow-based Bank Sofia.
The newcomer boosts the number of banks active in the country to 31, namely 24 local lenders and seven foreign financial institutions.
The bank will enter the country as a subsidiary of Isbank's German arm, Isbank GmbH, which allows the Turkish lender to avoid procedures related to applying and receiving a licence from Bulgaria's central bank. Under European Union legislation, credit institutions operating in an EU country can open branches in other member states by only notifying the central bank without obtaining a licence.
Isbank notified BNB about its plans to open a subsidiary in the country in 2010.
The Turkish bank runs 14 subsidiaries in Europe through its German arm, as well as a representative office in China. In October 2010, Isbank bought Moscow-based Bank Sofia.
The newcomer boosts the number of banks active in the country to 31, namely 24 local lenders and seven foreign financial institutions.
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