A new bank enters Albania - Turkish “Ziraat” receives preliminary approval for licensing from the Central Bank
A new bank will enter Albania. At the most recent meeting of the Supervisory Council, the Bank of Albania has decided to give preliminary approval for the licensing of a branch of the foreign bank Ziraat Bank in our country.
Ziraat, which is an agricultural bank that operates in 19 countries around the world, including 5 Western Balkan countries, will now be present in Albania.
The branch of the foreign bank that has received preliminary approval for a license, within 12 months from the date of this decision, must meet all the conditions provided for in the law "On banks in the Republic of Albania" and the sub-legal acts implementing it, in order to be provided with the license to commence banking activity in our country, the Bank of Albania states.
“Ziraat Bank” is a commercial bank operating in the Republic of Turkey since 1863, with a valid banking license and operating permit under the supervision of the Banking Regulation and Supervision Agency. Outside the territory of Turkey, its activity extends to several other countries, such as: United Kingdom, Bulgaria, Greece, Kosovo, Northern Cyprus, etc.
Currently, 11 banks operate in our country, most of them with foreign capital and a smaller part with local capital. For 19 years, no new bank has been licensed in Albania. Last year, Ziraat Bank submitted an application to the Bank of Albania for the licensing of its first branch in Tirana. Ziraat will be the second bank with Turkish capital in Albania.
Such a bank, which specializes in lending to businesses operating in the agricultural sector, is therefore expected to further increase financial support to this sector.
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