Turkey’s state-owned Vakıfbank has announced that it has obtained approval from the Qatar Financial Centre Regulatory Authority (QFCRA) to conduct banking operations in Qatar.
In a written statement released on Monday, Vakıfbank said it is the first Turkish bank to be allowed to operate in Qatar.
“We had previously announced our intention to open representation in China and Qatar,” the statement read. “Our objective is to speed up necessary procedures with China after the pandemic and to become operational there as soon as possible.”
The bank’s current international network includes branch offices in New York, Arbil in Iraq and Bahrain. In addition, it has a stake in the Vienna-based Vakıfbank International AG, which operates in Austria and Germany.
Last December the Turkish treasury took over a 58.5 percent stake in the bank from the General Directorate of Foundations.
Vakıfbank is Turkey’s fourth largest bank by assets.