What are the new banks that will enter Albania? - Rrapaj: Specialized financial institutions for agriculture are essential
For 19 years, no new bank has been licensed in Albania. But this year, it seems that a foreign bank has shown interest in becoming part of the banking network in our country. Ziraat, which is a Turkish agricultural bank, operating in 19 countries around the world, including 5 countries in the Western Balkans, has sought to be present in Albania. This bank aims to provide financial support especially to the agricultural sector.
The Bank of Albania confirmed to Scan Television that at the end of last year, the Bank "T. C ZİRAAT BANKASI A.Ş", Turkey (Ziraat Bank) submitted the request for licensing the branch of the foreign bank "Ziraat Bank" in the Republic of Albania.
This application is at an early stage and will be reviewed and assessed in accordance with the requirements and documentation provided for in Law No. 9662, dated 18.12.2006 “On Banks in the Republic of Albania”, as amended, and the Regulation “On the Licensing and Conduct of Activities of Banks and Branches of Foreign Banks in the Republic of Albania”, approved by Decision No. 14, dated 11.03.2009 of the Supervisory Council of the Bank of Albania, as amended.
In 2014, a total of 16 banks operated in Albania, but from year to year, this number has been decreasing, as a result of the bankruptcy of some of them and the sale to other existing banks in the country. Currently, 11 banks operate in Albania, most of them with foreign capital and a smaller part with local capital. If the Bank of Albania licenses Ziraat, it will be the second bank with Turkish capital in Albania. Ziraat aims to open its branch in Tirana first and may later expand to other cities in Albania.
Entering the Albanian banking sector through the opening of a foreign bank branch is considered an opportunity for the group to create synergy between the two countries (increasing foreign trade), as well as providing integrated solutions in all countries where they operate (branches, foreign bank branches and other financial subsidiaries) to meet the financial needs of Ziraat Group clients, mainly through initial financing of businesses, whose portfolio will account for the main share of the loan portfolio.
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