TURKEY'S IS BANKASI PURCHASES BANK IN RUSSIA

ISTANBUL (A.A) – 21.10.2010 - Aykut Demiray, Deputy Director General of Is Bankasi, said on Thursday that the bank would purchase a bank in Russia within this year.
Demiray told reporters that, "we will soon sign a term sheet with a bank in Russia. Purchasing will be completed within this year. This is a small-scale bank."
He said Is Bankasi wanted to grow by purchasing banks in countries like Russia, Kazakhstan and the Balkans and by opening representations or branches in countries which it can not purchase banks.
Demiray said Is Bankasi did not want big investments in foreign countries, adding that, "we are eager to fulfill small-scale enterprises instead of purchasings amounting to one billion USD". 
"The actual target in bank purchasing is of course to support big initiatives in Russia and to support activities of Sisecam. The activities will focus on trade. Russian tourists visiting Turkey may constitute a potential," he said.
Demiray said Is Bankasi has a branch in London having more than one billion Pound assets. "We made necessary applications in Iraq and now we are waiting. The bank in Germany will open bank branch in Sofia," he said.
"Countries in the Balkans are positive towards Turks. They are unsaturated markets. Indeed, it is not right for us to consider saturated markets. For example, purchasing a bank in Italy does not have any meaning because it is a saturated market."
Referring to decisions regarding banking sector in Turkey, Demiray said Turkish Central Bank pursued a right policy since the crisis in 2001.