Turkey’s Ziraat proposed banking launch in Syria

Turkish state lender Ziraat Bank has expressed interest in launching banking operations in neighbouring Syria with the country’s central bank, its chief executive Alpaslan Cakar said on Wednesday.

Since the ouster of former president Bashar al-Assad just over a year ago, Syrian authorities are striving to stabilise the country’s economy including its payments systems after some 13 years of war.

Turkey is the Syrian interim government’s strongest foreign backer and has boosted trade and business ties. Ziraat’s moves aim to reinforce financial ties and facilitate reconstruction in the country.

“We have presented our intention to commence banking operations in Syria to the Central Bank of Syria and are closely monitoring the process in coordination with the relevant authorities,” Cakar told Reuters in written responses to questions.

Ziraat, Turkey’s largest bank by assets, is also in discussions with Syrian banks “to strengthen correspondent banking relationships and establish potential collaborations”, he added.

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There was no immediate response from Syrian Central Bank Governor Abdelkader Husrieh to a Reuters request for comment on the matter.

Cakar said the steps were taken to help restore Syria’s banking sector, align regulations with international standards and ultimately boost reconstruction in the country after the lifting of international sanctions.

State-owned Ziraat remained Turkey’s biggest lender in 2025 with some 7.9 trillion lira ($184 billion) in assets in September.