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Wednesday, November 13, 2019

Ziraat Bank seeks expansion into Azerbaijan market

Turkey's Ziraat Bank has applied to the Central Bank of Azerbaijan (CBA) in a bid to open a branch in Azerbaijan, the CBA said Monday.

Amid the economic struggles affecting the region, financial partnerships with foreign financial institutions are becoming an option for many banks. The trade relations between Turkey and Azerbaijan, though in the early stages, have been fruitful.

Ziraat Bank has played a key role in facilitating relations between the two countries. If the Azerbaijan branch were to be approved, the cooperative initiatives would be expected between the bank and Azerbaijan. Ziraat Bank is one of the largest in Turkey, holding assets equivalent to $108 billion.

From Azerbaijan's standpoint, Turkey is a big player on the global stage and in the region regarding banking systems. The application process will be completed by year's end to complete licensing.

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Central Bank of Azerbijan

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