Turkish bank authorized in Saudi Arabia

Saudi Arabian officials authorized a Turkish bank to open a branch in the country on Tuesday.

Turkish bank authorized in Saudi Arabia
Following Turkish Parliament Speaker Koksal Toptan's talks with King Abdallah bin Abd al-Aziz Al Saud of Saudi Arabia, the Saudi Arabian Council of Ministers approved the opening of a branch office by Turkish Ziraat Bankasi.

"I believe this decision, which solves the biggest problem faced by Turkish contractors in Saudi Arabia, will remarkably contribute to the improvement of the economic relations between our countries," Toptan said.

"Bank guarantee" was a major problem for Turkish entrepreneurs doing business in Saudi Arabia. Turkish businessmen had to work with foreign banks due to such reason.

With the opening of a branch by Ziraat Bankasi, Turkish businessmen will be able to obtain bank guarantees from this bank from now on.

Last Mod: 01 Nisan 2008, 15:53
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