Turkish bank to expand branch network in Azerbaijan

Business Materials 27 November 2015 14:32 (UTC +04:00)

Baku, Azerbaijan, Nov.27

By Azad Hasanli - Trend:

Ziraat Bank Azerbaijan, subsidiary of Turkey's Ziraat Bank, plans to open its second branch in Baku in H1 2016, Avni Demirci, head of the bank's board told Trend.

"Currently, we are working on forming the internal infrastructure of the bank, since there is no point to open new branches without a working system," he said.

Demirci noted that it is planned to complete the major part of the work on forming the infrastructure in 2015.

It is planned to open two branches in 2016, he said, adding that the bank will also open branches in the country's regions in subsequent years.

Turkey's Ziraat Bank received a license from the Central Bank of Azerbaijan in late 2014 to carry out banking activities through its subsidiary Ziraat Bank Azerbaijan. The bank officially started operating in July.

The authorized capital of Ziraat Bank Azerbaijan is 50 million manats. Ziraat Bank which has been operating since 1863 is the largest bank of Turkey.

It has been operating on Azerbaijan's banking market since 1995 as one of the co-founders of Azer-Turk Bank.

Edited by SI