...

Deputy PM: Branch of one of largest world banks to open in Turkey

Business Materials 7 February 2014 17:07 (UTC +04:00)

Baku, Azerbaijan, Feb. 7
By Rufiz Hafizoglu - Trend:

Turkey will open a branch of one of the world largest banks, Turkish Deputy Prime Minister Ali Babacan was quoted on Feb. 7 by the Turkish newspaper Hurriyet as saying.

"The bank will get a licence for its activity in Turkey soon," he said.

Babacan did not disclose the name of the bank, only stressing that the bank branch is being established with a capital of $300 million.

The Turkish banking sector is one of the leading sectors of the economy. Some 49 banks are currently operating in Turkey. Some 36 of the total number of banks are commercial and 13 are investment.

There are three state and 12 private banks with 100 percent Turkish capital and 16 banks with foreign capital in Turkey.

Some 789 bank branches were opened in the country in 2013, according to the Turkish Banking Association.

This means the number of bank branches in Turkey amounts to 11,023.

Translated by NH
Edited by SM

Tags:
Latest

Latest