The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Revolving doors for foreign banks in Turkey

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 presence through takeovers. HSBC, for example, established itself in Turkey in 1992 via the acquisition of the UK’s Midland Bank, which had entered the market two years earlier. In 2001 HSBC broadened its base with the acquisition of Demirbank, which at the time was Turkey’s fifth-largest private bank. The following year it bought consumer finance firm Benkar Tuketici Finansmani ve Kart Hizmetleri.

This year, Russia’s Sberbank announced that it was buying 99.85% of DenizBank from Belgium’s Dexia for TL6.47 billion in cash. The deal is expected to close before the end of the year and, according to a presentation by the bank in June 2012 to explain the deal, will allow it "to achieve meaningful diversification and capture synergies from Russia/Turkey trade and investment flows".

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree