The Turkish state-run Ziraat Bank has made its move to contribute to developing commercial relations between Turkey and Azerbaijan. The founding capital of the bank, which will be opened by Ziraat Bank in Azerbaijan, is determined at nearly $47 million.

According to an announcement by the State Committee on Valuable Papers and National Deposit Center of Azerbaijan, Ziraat Bank Azerbaijan Corporation's 50,000 stocks were recorded by the Azeri government. The committee said that one stock would be valued at nearly $950. Ziraat Bank had been granted a banking license by the Central Bank of Azerbaijan on December 30, 2014. The new bank is expected to contribute to bilateral relations between Azerbaijan and Turkey and contribute to the Azeri financial sector.

Ziraat Bank employs more than 24,000 people across 1,700 branches. There are 57 branches in foreign countries such as Germany, Bosnia and Herzegovina, Kazakhstan, Russia, the U.K., the U.S., Georgia, Bulgaria and Greece. Separately, on Oct. 15 this year, Ziraat Bank received permission from the Turkish banking regulator to set up a bank working on Islamic financial principles.