The Bank of Albania approved the license for the Turkish agricultural bank Ziraat, several months after granting preliminary approval.
Through an official announcement, the BoA announced that the decision to license the second Turkish bank in Albania, after BKT, was taken at the May 6 meeting of the Supervisory Council.
"In accordance with the documentation submitted to the Bank of Albania, the application of the "Branch of Turkiye Cumhuriyeti Ziraat Bankasi AS, Albania" for the provision of a license to conduct banking and financial activities in support of the requirements of Law 9662/2006 "On Banks in the Republic of Albania", as amended, and of the Supervisory Council Regulation 14/2009 "On the Licensing and Conduct of Activities of Banks and Branches of Foreign Banks in the Republic of Albania", as amended, has been reviewed.
Based on this decision, the "Branch of Turkiye Cumhuriyeti Ziraat Bankasi AS, Albania" will conduct banking and financial activities, in accordance with the terms and requirements of the license approved by the Bank of Albania," the BoA statement reads.
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.
This bank is mainly focused on lending to agriculture-related activities, so its arrival in Albania is expected to create more financing opportunities for the under-credited agricultural sector.
With the licensing of Ziraat, the number of banks in Albania reaches 13, most of which with foreign capital and a smaller part with local capital.
A few months ago, the Bank of Albania also licensed the first digital bank in the country, Jet Bank.
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