OREANDA-NEWS. August 5, 2011. Amrahbank OJSC and Turkapital Holding CJSC signed a Memorandum of Understanding to establish a cooperative working partnership in areas of common interest.

The Bank reports that the goal of this agreement is to encourage cooperation between the parties in the areas of direct investment opportunities in Azerbaijan and Turkey.

The agreement was signed by Fawaz Al-Issa, chief executive officer of Turkapital and Emil Mammadov, chief executive officer of Amrahbank. Commending the efforts of Amrahbank OJSC, Fawaz Al-Issa said: “Turkapital believes that Azerbaijan presents strong opportunities for profitable investment in the near future, from which we are ideally positioned to benefit through Amrahbank”.

The Bank will assist Turkapital in studying its investment projects for Azerbaijani investors. Furthermore Turkapital will cooperate with Amrahbank in evaluating and selecting interesting investment projects. This is one of major steps made by the Bank in expanding business ties between Azerbaijan and Turkey. As being a close ally of Turkey, Azerbaijan has great geo-strategic importance for Europe and Asia.  Turkey trade turnover with Azerbaijan was USD 2.5 billion during past 5 years. It is expected to be doubled to USD 5 billion during next 5 years. Interest in Azerbaijan from both the West and East will increase, giving the country excellent opportunities to trade influence for investment, an outcome that makes the country even more attractive for investors.

Turkapital was founded in 2008 with the share capital of USD  150 million and objective of becoming the leading channel for investments from the Gulf Cooperation Council (GCC) countries into Turkey and Eurasia. As Sharia’a compliant private equity house, it offers investors ethically sound platform via which they can take equity positions in dynamic emerging markets. Turkapital’s assets rose 22% annually from USD 173.1 million in 2008 to USD 211.5 million in 2009 and to USD 272.7 million in 2010. In terms of asset growth, Turkapital was able to generate added-value for investors to become well-positioned in its three markets: Turkey, Azerbaijan and Tatarstan.

Amrahbank is one of the oldest (est. in 1993) and leading commercial banks of Azerbaijan. It offers wide range of retail and corporate banking products and services such as the opening of current accounts, plastic card services, documentary operations, loans as well as retail and business loans, currency exchanges, local and international money transfers, utility bills and mobile operator subscription payment services, interbank deposits and loans, business consultations and other banking services. Recent strategic partnership with the Bahrain based International Investment Bank (through 49% shareholding), has played a key role in further development of various spheres of Amrahbank’s activity such as corporate governance, international cooperation, array and quality of products & services, etc.