Baku, Azerbaijan, Mar. 29
By Rufiz Hafizoglu - Trend:
British HSBC bank intends to leave the Turkish market due to economic crisis in the world, the Turkish newspaper Hurriyet said Mar. 29.
"The bank intends to leave the markets of four more countries that are not announced," according to the newspaper.
HSBC Bank appeared on the Turkish market in 1991. HSBC acquired Turkish Demirbank in 1999. At present, the bank has 298 branches in Turkey.
HSBC offices are located in 73 countries.
Earlier it was reported that the Royal Bank of Scotland (RBS) and US Citibank intend to leave the Turkish market too. It was reported that the US Citibank will sell a stake in Turkey's Akbank.
The total value of shares for sale is $1.2 billion.
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.
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