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By ALICE NACHILEMBE
Turkey’s largest privately-owned investment bank Aktif Bank has signed Correspondent Bank Agreements with five Zambian Commercial banks to help reduce costs and time spent to complete financial transactions.

Aktif Bank Capital Branch Manager Serhan Atilla said the move is part of the banks Strategy to promote trade and investment between Turkey and Zambia.

Mr Atilla said Correspondent Bank Agreements would facilitate direct transactions between Aktif Bank and the five Zambian banks without involvement of intermediary banks.

This came to light yesterday during a Virtual Meeting between Zambia’s Ambassadors to Turkey Joseph Chilengi, Mr Atilla and Aktif Bank Commercial Banking Portfolio Manager Onur Yuksel.

“We have five direct correspondents in Zambia and this will lower costs for both parties and reduce the time spent on transactions. One of our goals is to increase trade between Turkeys and African countries and in particular, Zambia,” he said.

The five Zambian banks are Zanaco, Cavmont Bank Zambia Limited, AB Bank Zambia, Zambia Industrial Commercial Bank, and African Banking Corporation Zambia.

And Dr Chilengi expressed happiness that Turkey and Zambia had made great strides in increasing trade volume and investment between the two countries.

He expressed happiness that the Agreement on Reciprocal Promotion and Protection of Investment signed between Turkey and Zambia had come into force after its ratification by the 600-member Grand National Assembly of the Republic of Turkey.

This is contained in a statement issued Jeremy Munthali First Secretary for Press Embassy of the Republic of Zambia to Turkey.

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