Turkish Ziraat Bank intends to launch daughter company in Azerbaijan

Baku: Turkish Ziraat Bank has appealed to the Central Bank of Azerbaijan to launch a daughter bank.

CBA is considering the appeal and it’s planned to complete the licensing process by the year-end.

“One of main participants of the Azerbaijan’s banking market is the Turkish banking system. Rapid development of commercial-economic ties between Turkey and Azerbaijan, implementation of international projects make extension of the banking relations of both countries importance”, CB told APA-Economics.

Ziraat Bank (Agricultural Bank of the Republic of Turkey) is a state-owned bank in Turkey founded in 1863. It played an important role in establishment of relations between banking sectors of both countries since 1995.