Posted by meb at January 18th, 2008

ING Group NV said it will open 150 new Oyak Bank branches in Turkey between now and 2012, but declined to disclose the financial details of its investment. ING spokesman Nanne Bos said the number of Oyak Bank branches will grow to 600, employing an extra 2,500 workers.

‘We are committed to our activities in Turkey and we will allocate as much capital as necessary to grow in Turkey,’ Bos said.

The extra investment was announced during a press conference in Turkey.

Eli Leenaars, member of the Executive Board of ING Group, said Thursday that cooperation between OYAK Bank and ING would contribute to boost the Turkish banking sector which still grew rapidly and in a sophisticated way.

ING Group is a global financial services company of Dutch origin with 150 years of experience, providing a wide array of banking, insurance and asset management services in more than 50 countries. Based on market capitalisation, ING is one of the 20 largest financial institutions worldwide and ranked in the top-10 in Europe. ING closed its acquisition of Oyak Bank in December, after agreeing to buy the Turkish bank for 2.673 bln usd last June.

source: The New Anatolian

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