CBA: Ziraat Bank to play important role in Azerbaijan's transition to new economic model (UPDATE)
Headline changed, details added (first version posted on 11:29)
Baku, Azerbaijan, Oct. 31
By Azad Hasanli – Trend:
Relations between Azerbaijan and Turkey are at the highest level, said Chairman of the Central Bank of Azerbaijan Elman Rustamov at the opening ceremony of the new head office of Ziraat Bank in Baku on Oct. 31.
Speaking about the relations between the two countries, Rustamov reminded that Turkey has always been close to Azerbaijan, including the most difficult periods for the country.
Rustamov noted that Ziraat Bank, which is a state owned bank of Turkey, will play an important role in transition of Azerbaijan to new economic model.
A subsidiary of Turkey’s Ziraat Bank has been operating in Azerbaijan since 2015. The bank’s shareholders are: Ziraat Bank (99.98 percent), Ziraat Insurance (0.01 percent) and Ziraat Securities (0.01 percent). Currently, the bank has one branch and head office in Baku.
Ziraat Bank has been present on the Azerbaijani banking market since 1995 as one of the co-founders of Azer Turk Bank OJSC, where currently the Turkish bank owns 12.37 percent.