Turkish Bank Comes to Rhodes
Turkish Bank Ziraat began operation yesterday in the island of Rhodes, after approval by the Bank of Greece. The opening celebration is expected to take place on 13th of October. After the previous subsidiary companies in Athens, Komotini and Xanthi, Ziraat Bank aims with its new branch to attract Greek-origin retired people from Turkey that have stayed in the island of Rhodes, while the Turkish bank is expected to give credits to the retired people and their relatives.
The main goal of the bank is to open more branches in Thessaloniki, Kavala and Drama through new subsidiary companies and not through the acquisition of a Greek Bank.
Ziraat first appeared in Greece in 2008, with already 1,280 branches in Turkey and 64 more in different countries.
Given that the half of loan applications were rejected by Greek banks, Turkish bank Ziraat offers low-interest loans to desperate businessmen and consumers. The interest rates of business and consumer loans in Ziraat are of 10% and 12% respectively, namely on the level acquired by the general system of competitiveness.
Nevertheless, these interest rates have become lower after discussions and negotiations between bank officials and customers.
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