Turkiye Is Bankasi AS, Turkey’s biggest non-government lender, has no immediate plans to buy a bank in Egypt, Deputy Chief Executive Aykut Demiray said.
Isbank is looking for opportunities to expand in neighboring countries and would consider a purchase in Egypt if conditions are right, Demiray told Bloomberg HT television channel.
He was commenting on a report in Al-Shorouk newspaper Thursday which said that Isbank got initial approval from Egypt’s central bank to buy the state-owned Arab Investment Bank, while its application to open branches in Egypt was rejected.
Isbank set up a representative office in Cairo in June.
