OREANDA-NEWS. January 12, 2015. As previously reported, the Ziraat Bank of Turkey applied to the Central Bank of the Republic of Azerbaijan for establishing a subsidiary bank in Azerbaijan.

The CBA reviewed and accepted the application of the Ziraat Bank in line with the legislation, since the Bank implemented critical licensing requirements.

The Ziraat Bank Azerbaijan Open Joint Stock Company was granted a banking license at the decision of the Management Board of the CBA dated 30 December 2014.

The change in the representation status of the Turkish bank, with an extensive international network, in Azerbaijan will serve to strengthen competition in the banking sector and develop the sector as a whole, further expanding ties between the banking sectors of two countries.