Turkey’s Ziraat Bank mulls opening rep office in Egypt

Turkish state-owned lender Ziraat Bank is considering opening a representative office in Egypt, in the latest signs of warming business ties between the former political foes.

The Turkish bank aims to establish an Egyptian branch later after getting the necessary approvals from the Central Bank of Egypt (CBE), Egyptian Minister of Industry Ahmed Samir said in a statement on Saturday.

Minister Samir made his remarks following his meeting with officials from Ziraat Bank in Turkey as they explored investment opportunities in the Egyptian market. The Egyptian minister has paid a visit to Turkey to discuss boosting bilateral investment relations between the two countries.

Ziraat is Turkey’s largest state-run bank and its second- largest by assets after Is Bank, with capital worth up to $125 billion.  Operating in 17 countries around the world, the bank has a broad global service network, consisting of nine international subsidiaries and 25 foreign branches.

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