The Central Bank of Azerbaijan (CBA) last week approved a request by OJSC Ziraat Bank, a Turkish bank, to open a branch in Azerbaijan.

The Turkish financial institution submitted its application to the CBA early in December. Approval was granted to the bank after it implemented changes so that its services followed Azerbaijan regulations and met application requirements.

The CBA said the addition of OJSC Ziraat Bank and the increase in Turkey's presence in the Azerbaijan banking sector will foster competition and positive relations between the two countries within the arena of banking and finances.

As of December, Ziraat held $108 billion in assets.

The CBA recognizes that Turkey plays a large role on the regional and global economic stages. Now that OJSC Ziraat Bank as been approved to operate in the country, the CBA expects that future collaborative efforts will likely occur.