New Participating Bank Approval

Banking Regulation and Supervision Agency (“BRSA”) has reviewed the Ziraat Bank’s application to obtain the approval for carrying out participation bank activities. 

BRSA approved this application and BRSA’s decision published on the Official Gazette dated October 15th, 2014 and numbered 29146. 

According to the abovementioned approval decision a participation bank will be established as T.C. Ziraat Bankası A.Ş. being the controlling shareholder and its subsidiaries Ziraat Sigorta A.Ş., Ziraat Hayat ve Emeklilik A.Ş., Ziraat Yatırım Menkul Değerler A.Ş. and Ziraat Teknoloji A.Ş. being other shareholders of the participation bank to be established. 

BRSA’s decision states that the participation bank shall be established in Turkey with USD 300 million founding capital. Earlier this month, Ziraat Bank’s General Manager Mr. Hüseyin Aydın stated that “I hope a Ziraat participation bank will be established within or towards the end of the first quarter of 2015”.