Turkish lender obtains permission to work in Montenegro

PODGORICA - Anadolu Agency

Montenegro’s Central Bank decided to grant permission to Turkey’s state-run Ziraat Bank to operate in the country on April 6, officials said.

Ziraat Bank applied for permission in December 2014 and it is expected the Turkish lender will begin opening branches in the coming months.

Meanwhile, the Ziraat Bank general manager said the bank will launch licensed banking in Montenegro and Azerbaijan in addition to opening a branch in Kosovo this year.

There are currently 12 banks operating in Montenegro, though only Prva bank, Atlas bank and IBM with domestic capital, according to the Central Bank data.

Ziraat Bank is the largest state bank in Turkey. The Ziraat network operates in the fields of insurance, leasing, investment and insurance funds. Along with Vakıfbank and Halkbank, Ziraat is one of the three state lenders which have taken steps to open up interest rate-free participation banks.