Turkish banks rail against intervention

Macro headwinds, regulatory aggression, competition and new funding structures herald a shake-up in Turkey’s banking sector. Yet with many of the banks’ European shareholders under intense pressure in their home markets, Turkish banking assets have never been so valued. Nick Lord reports.

ON MAY 12, the prodigal son of Turkish banking returned home. Husnu Ozyegin, known locally as the King of Turkish Banking, opened his new bank, Fiba Banka. Comprising 20 branches of the old Millennium Bank bought from Portugal’s Banco Comercial Português, the new bank is part of Ozyegin’s Fiba Holding. The market that Fiba is operating in is very different from when Ozyegin last ran a bank in Turkey. From 1987 to 2006, he built and operated Finansbank, which he sold in 2006 to National Bank of Greece for $5.5

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