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Newsletter | Articles Snippets from Turkey ING Groep to acquire Turkey’s Oyak Bank It has been announced that Dutch bank ING Groep NV will buy Turkey’s Oyak Bank for US$2.67 billion. The Turkish bank, which is one of the top 10 banks in Turkey, said the transaction, subject to approval by Turkish authorities, will be made in cash. The name of the Oyak Bank will be changed within one year of the sale. Izmir runs for EXPO 2015 Izmir and Italy’s Milan continued to compete to win the right to organise the world's greatest international fair EXPO in 2015 by staging presentations at the general assembly of the Bureau of International Expositions (BIE) in June. Izmir’s theme is “New Routes for a Better World, Health for All,” while Milan's is “Feeding the Planet, Energy for Life.” With its claim to attract more investment Turkey is a strong candidate against Milan, which hosted an EXPO in 1906. Although Izmir has yet to win the right to organize EXPO 2015 foreign investors have already started offering to finance outstanding projects, including constructing fast trains connecting Izmir with Istanbul, Ankara, Antalya and Konya. Izmir needs a budget of about $20 million for the presentation activities during its candidacy and if the city wins the right to hold the exhibition it will need a further $10 billion to prepare its infrastructure for the occasion. Deutsche Bank Buys Garanti Bank Custody Unit Deutsche Bank is poised to buy the institutional cross-border custody unit of Garanti Bank, co-owned by American industrial conglomerate General Electric, with a US$115 million bid. Garanti Bank deals with the settlement of Turkish securities, asset and tax services and cash and liquidity management for international clients. Financial details of the transaction have not been disclosed. Werner Steinmueller, head of Deutsche Bank’s global transaction banking division, said: “Turkey is an important growth market for Deutsche Bank.” The bank’s CEO Josef Ackermann started the company’s custody business in Turkey in 2005. The lender aims to boost profit-before tax from trustee services, trade finance and clearing to 1 billion euros next year, a significant increase from 705 million euros in 2006. 13 Turkish banks make the top 1,000 list This year’s Top 1,000 World Banks list, by UK finance and banking magazine The Banker, contains a record 13 Turkish banks. The rankings, based on overall aggregate level of bank profitability, growth rates and capital, showed the top three overall to be Bank of America, Citigroup and HSBC. Alongside the 13 Turkish banks were 300 European banks, 100 Chinese banks, 200 Asian banks and 100 Arabian banks. None of the Turkish banks ranked in the top 100 and Chinese Zhehang Bank was placed at the bottom of the list. İş Bank was 102nd, Akbank 132nd and Ziraat Bank was listed 150th. The other Turkish banks in the list are: VakıfBank, 178; Garanti Bank, 198; Yapı Kredi Bank, 233; Halkbank, 233; Finansbank, 364; DenizBank, 429; Oyak Bank, 534; Türk Ekonomi Bank (TEB), 704; Tekstil Bank, 907; and Şekerbank, 976. For more information contact Aydin Kilic. |