Ziraat Bank ready to lend to trade, agriculture in Azerbaijan

Business Materials 29 April 2017 15:21 (UTC +04:00)

Baku, Azerbaijan, Apr. 29

By Azad Hasanli – Trend:

Ziraat Bank Azerbaijan OJSC is not yet ready to lend to the construction sector of Azerbaijan, Chairman of the bank’s Board Avni Demirci said.

He made the remarks in an interview with the ‘Is Dunyamiz’ magazine established by the Businessmen and Industrialists of Turkey and Azerbaijan (TUIB) public association.

He said that for today, Ziraat Bank Azerbaijan shows interest in lending to trade and agriculture, in particular processing industry spheres.

“There are other areas with export potential as well in Azerbaijan,” Demirci said. “We are ready to finance these spheres as well. In general, Ziraat Bank Azerbaijan is ready to support all sectors of the non-oil economy, except for the construction sector.”

Demirci added that Azerbaijan is of special significance for the bank.

“We work in 18 countries, but we attach greater importance to Azerbaijan in comparison with other countries,” he said.

At the same time, Ziraat Bank Azerbaijan is also ready to support Azerbaijan in entering other markets, Demirci noted.

This is possible both through the subsidiaries of the bank itself and the correspondent banks, he added.

In late 2014, Turkey’s Ziraat Bankasi obtained a license from Azerbaijan’s Central Bank to conduct banking activities through its subsidiary Ziraat Bank Azerbaijan OJSC. The bank began its activity in July 2015.

Ziraat Bank Azerbaijan's shareholders are: T.C. Ziraat Bankasi (99.98 percent), Ziraat Insurance (0.1 percent) and Ziraat Securities (0.1 percent).