The Turkish banking regulatory authority has granted Netherlands’ Rabobank a license to operate in the country.
The Banking Regulatory and Supervision Agency (BDDK) had given the Dutch financial institution the permission to set up a bank in Turkey in August last year.
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Rabobank will control 96% of the bank that will have an initial capital of $300m.
Rabobank Turkey will focus primarily on food and agricultural industries.
In recent years, Italy’s Intesa Sanpaolo, Japan’s Bank of Tokyo-Mitsubishi UFJ (BTMU) and Lebanese Bank Audi have also received a Turkish banking license.
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