Turkish Banker: Finance center in Istanbul will create 150,000 jobs

Turkey’s ambitious plan to ultimately convert Istanbul into a global finance center will create approximately 150,000 jobs in the finance sector, according to a top banker.

“Currently, nearly 200,000 people work in Turkey’s growing finance sector,” Ersin Özince, chairman of Turkey’s İşbank, told participants at the 25th European People Management Conference in Istanbul.

“Another 150,000 will start working for the Istanbul Finance Center,” said Özince in reference to the project to turn Turkey’s largest city first into a regional finance center before ultimately turning it into a global one.

Turkey will succeed in its bid to turn into “first a regional center in the next 10 years and then a regional finance center in 25 years,” said Özince.

“Turkey has not attained its current situation by chance, [it has] worked hard,” he said.

Regarding the implementation of the country’s “strict regulations” in the banking sector, he said: “Inspections have not stopped at my bank since 2001, the year that Turkey experienced one of the worst crises in its history.”

Noting that the banking system became stronger because of this, he said: “All of Turkey’s banks are like state banks now as the country assures the market with 100 percent guarantees for all its banking activities.”

Özince said 52,000 people lost their jobs in the 2001 crisis. “Our finance sector is now way healthier than the countries we took as an example in 2001.”

İşbank is experiencing its fastest growth in Southeast Anatolia, Özince said, but noted that recent terrorist attacks on civilians in the area were also harmful to the banking sector.

September 30, 2011

SOURCE: Hürriyet Daily News