Turkey: New Acqusitions by Foreign Banks

Not until a long time ago were the banks in Turkey really troubled and were considered to be the weakest ring of the chain.

In fact several of them went bankrupt putting thousands of their customers (depositors) in a truly difficult situation. Several businessmen and professionals related to such banks were put in prison and went on trials.

Today however inspite of the heavy global crisis the world has (still) been going through Turkey has been a destiny of attraction for banking investments.

In fact many foreign banking groups have come to this country to open their branches. Based on financial reports it can easily be said that the financial performance has been pleasing for most and some have already taken decisions to grow their share in said country

As an example, it is reported that ING Turkey has started to seek acquisitions in Turkey. The group is currently thinking of looking into acquisitions in this country.

It was announced by the chairman that the bank was successful and the group would remain in Turkey to target further growth including acquisitions.

It is noteworthy to know Turkey with a young population – hungry for consumption – is an ideal market for consumer banking in tyhe first place.

Then again the reel market is also very fertile for lending establisments as the industry has always been in need of new loans.

Editor
BUSINESS TURKEY TODAY