Turkish banking sector annually grows by 20.7 per cent
Azerbaijan, Baku, Nov. 20 / Trend A. Taghiyeva /
The annual growth of the Turkish banking sector has hit an average of 20.7 per cent since 2001, reaching up to 1.309 trillion lira as of September 2012, the Turkish Banking Regulation and Supervision Board's report said today.
The Turkish banking sector increased by eight percent from January to September 2012, the report said.
Around 50.9 per cent of Turkey's public debt falls to the banking sector, while the loan portfolio of the Turkish banking sector exceeds 50 per cent of the country's GDP.
As of October 2012, the number of banks in Turkey rose to 49 after the Lebanese bank Odea Bank launched its activity.
According to the report, as of late October, around 130 non-banking financial organizations and institutions, including 31 financial leasing companies, 78 factoring companies, 13 financial companies and 8 asset management companies operate in Turkey.
The Turkish banking sector has been represented in 31 countries by 143 branches, representative offices and subsidiaries.