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THE ANNOUNCEMENT THAT Banca Intesa is wooing Garanti Bankasi is a positive sign for Turkey’s banking sector. The Italian bank’s offer to buy a controlling share of Turkey’s third-largest private bank is said to be set for conclusion this coming autumn.
Garanti’s takeover is being treated in Turkey – even by rivals – as both an encouraging prospect in its own right and a sign of even better things to come. If indeed Intesa signals a revival in the Turkish banking sector, a foreign capital injection will ensure Turkey can service its sovereign debt, cash-starved industries will make long-delayed investments in technology and formal EU entry negotiations will begin in December.
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