Another foreign bank leaves Turkish market

Business Materials 16 March 2015 17:01 (UTC +04:00)

Baku, Azerbaijan, Mar.16

By Rufiz Hafizoglu - Trend:

Royal Bank of Scotland (RBS) is leaving the Turkish market, the Turkish newspaper Milliyet said Mar.16.

The newspaper did not report the reasons for the withdrawal of RBS from the market of Turkey.

Royal Bank of Scotland (RBS) is the second largest bank in the UK, and one of the largest commercial banks in Scotland. The bank was founded in 1727 and is one of three Scottish banks which have the right to issue banknotes.

It was reported on Mar.5, 2015 that the US Citibank sells a stake in Turkey's Akbank.

The total value of shares for sale is $1.2 billion.

Citibank bought a 20 percent stake in Akbank, paying $ 3.1 billion in 2007. It sold 10.1 percent of this package of shares at $1.150 billion in 2012.

At present, Citibank owns 9.9 percent of shares in Turkish Akbank. The shares will be fully put up for sale.

Founded in 1812, Citibank is one of the largest US banks.

The Turkish banking sector is one of the leading sectors of the country's economy. There are 49 banks, of which 36 are commercial and 13 are investment banks.

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

Around 789 branches of local banks opened in the country in 2014, the Banks Association of Turkey said.

Edited by CN

follow the author on Twitter: @rhafizoglu