Revolving doors for foreign banks in Turkey

Dominic O’Neill
Published on:

If Turkish banks have been overly cautious about expanding abroad, the same cannot be said for their international peers entering the Turkish market.

Foreign banks that have come into the market include global heavyweights such as HSBC, Citi and BNP Paribas, the latter through a stake in TEB. In addition, banks from the Middle East have been targeting the country, including Bahrain’s Al Baraka, which set up Albaraka Türk in 1984 and now has 113 branches, and Kuwait Finance House, which owns KuveytTürk bank.

Often these international banks have come to the market or expanded their...