Ziraat Bank's Strategic Move into Syria's Banking Sector

Turkish state lender Ziraat Bank is keen on entering Syria's banking sector, according to its CEO Alpaslan Cakar. This move aligns with efforts to stabilize Syria's post-war economy. Discussions with Syrian banks are underway, focusing on collaboration and compliance with international regulations to support reconstruction.

Ziraat Bank, a leading Turkish state lender, is exploring opportunities to commence banking operations in Syria, CEO Alpaslan Cakar revealed in a statement to Reuters. This follows the country's ongoing efforts to rebuild its economy and payments systems after the civil war.

Turkey, a key ally of the Syrian interim government, has reinforced its trade and business interactions with Syria, and Ziraat's entry aims to strengthen these ties further by facilitating economic reconstruction. 'We have expressed our intent to start banking services in Syria to the Central Bank of Syria and are coordinating with relevant stakeholders,' Cakar noted.

Ziraat, the largest bank in Turkey by assets, is actively engaging with Syrian banks to enhance correspondent banking relationships and explore potential joint ventures. As Syria aims to align its banking regulations with global standards, the collaboration seeks to revitalize the local banking sector, boosting the country's economic recovery post-sanctions.

(With inputs from agencies.)