Another bank opens in Albania, BoA approves license for Turkey's Zirat

A 12th bank will be added to Albania's financial market.

The Supervisory Council of the Bank of Albania decided to grant preliminary approval for the licensing of the Turkish bank Zirat to carry out banking and financial activities in the Republic of Albania.

“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.

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.

Ziraat operates in 22 countries, managing approximately $170 billion. Founded in 1863, Ziraat is Turkey's largest state-owned bank, with total assets of $166.75 billion.

The bank provides a significant portion of financing across the country, handling one in every five housing loans and foreign trade transactions in Turkey.

Zirat currently operates in 22 countries, with a particular focus on the Middle East, the Balkans and Europe.

Zirat becomes the second Turkish bank in the Albanian market after the National Commercial Bank.

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