Türkiye’s state-owned lender Ziraat Bank is planning to launch banking operations in Syria as the country moves to rebuild its financial system after years of conflict and international isolation.
Plans for Syria operations
Ziraat Bank has formally expressed its interest to the Central Bank of Syria and is closely following the approval process in coordination with Syrian authorities, CEO Alpaslan Cakar said on Wednesday.
“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 said.
The bank is also in talks with Syrian financial institutions to strengthen correspondent banking relationships and explore potential partnerships, he added.
Cakar said the initiative is intended to support the recovery of Syria’s banking sector, help align regulatory frameworks with international standards, and contribute to the country’s reconstruction efforts following the easing of international sanctions.
Türkiye, the Syrian interim government’s strongest foreign backer, has been expanding trade and business ties with Damascus. Ziraat’s potential entry into the Syrian market is expected to deepen financial cooperation and facilitate funding for reconstruction projects.
Key background
Since the removal of former president Bashar al-Assad just over a year ago, Syrian authorities have focused on stabilizing the economy, with particular emphasis on repairing payment systems damaged by nearly 13 years of conflict.
In November, interim president Ahmad al-Sharaa reviewed reforms at the central bank, outlining a broad technical overhaul aimed at rebuilding Syria’s banking infrastructure after years of disruption.
Al-Sharaa has said that a stronger and more resilient banking sector will be critical to supporting economic recovery and meeting the country’s long-term financial needs.
Big number
Ziraat Bank remained Türkiye’s largest lender by assets in 2025, with total assets of approximately $184 billion.
