Turkish bank eyes expansion in Azerbaijan
Baku, Azerbaijan, Jan. 9
By Orkhan Quluzade – Trend:
The Turkish bank Ziraat Bankasi is planning to open the second branch office of its subsidiary Ziraat Bank Azerbaijan OJSC in 2017, the Azerbaijani subsidiary told Trend Jan. 9.
The location and time of opening of the new branch were not specified.
Ziraat Bankasi is also planning to open new branches in Georgia, Uzbekistan and Kazakhstan as part of its expansion policy in 2017, Turkey’s media outlets report citing sources from the bank.
Ziraat Bankasi aims at supporting Turkey’s foreign trade and using local staff abroad, according to the Azerbaijani subsidiary.
The bank also plans to open offices in Dubai and London.
Turkey’s largest bank Ziraat Bankasi has been operating since 1863.
The bank currently has subsidiaries and branches in the US, UK, Germany, Iraq, Bahrain, Montenegro, Bosnia and Herzegovina, Russia, Kazakhstan, Turkmenistan, Uzbekistan and Georgia. It also has representative offices in Bulgaria, Northern Cyprus, Greece, Saudi Arabia and Iran.
Ziraat Bankasi has been operating in the Azerbaijani banking market since 1995 as one of the co-founders of AzerTurkBank, in which the Turkish bank owns 12.37 percent of shares.
In late 2014, the Turkish Ziraat Bankasi obtained a license from Azerbaijan's Central Bank to conduct banking activities through its subsidiary Ziraat Bank Azerbaijan OJSC. The bank started operating in July 2015.
Ziraat Bank Azerbaijan’s shareholders are T.C Ziraat Bankası (99.98 percent), Ziraat Insurance (0.01 percent) and Ziraat Securities (0.01 percent).
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