Turkey Financial News

Posted by meb at April 23rd, 2008

BANK BUYER Share (%) PAID
Oyakbank ING 100 $ 2.673 bln.
Türkiye Finans NCB 60 $ 1.080 bln.
Akbank Citibank 20 $ 3.1 bln.
MNG Hariri 91 $161 mln.
Sekerbank TuranAlem 34 $ 350 mln.
Denizbank Dexia 75 $ 2.440 bln.
Tekfenbank EFG 70 $ 182 mln.
Finansbank NBG 46 € 2.3 bln.
C Bank Hapoalim 57,5 $ 113 mln.
Yapi Kredi Koc Unicredit 57,4 € 1.2 bln.
Garanti GE 25,5 $ 1.556 bln.
Dısbank Fortis 89,3 € 880 mln.
TEB Paribas 42,1 $ 216.8 mln
Turkishbank NBK 40 $ 160 mln.

The sale of Oyakbank to Dutch banking giant ING Groep for $2.673 billion has unleashed a new “war” between Turkish banks, as the “military banking market,” worth YTL 3 billion ($2.3 billion) annually, has opened up to competition, a Turkish-language daily reported yesterday.

Oyakbank, an affiliate of the Turkish Armed Forces Assistance Fund (OYAK), had undertaken carrying out the financial needs of the military until last year’s sale. As Oyakbank signboards in branches are replaced with those of ING Bank, the vacuum might be filled by five banks, according to daily Vatan. (more…)

Posted by meb at April 23rd, 2008

The expected social security reform is likely to boost private savings for retirement in Turkey, the managing director of AvivaSA told reporters in Istanbul yesterday. “The reform and the increase of retirement age to 65 from the current 58 years will make people plan their future more,” Meral Egemen said.

The private pension system in Turkey consists of 10 firms and 1.54 million scheme members at present. The system had a total asset volume of YTL 4.92 million (2.35 billion euros) in mid-April. Currently, 75 percent of all contracts are individual pension plans and 25 percent group plans. (more…)

Posted by meb at April 23rd, 2008

Garanti Bank, the Turkish bank co-owned by General Electric Co., is enhancing its activities in the real estate sector.

Garanti, the third largest private bank in Turkey, provides mortgage backed housing loans as well as consultancy and marketing services via Garanti Mortgage, Garanti’s subsidiary in the real estate sector. (more…)

Posted by meb at April 22nd, 2008

Billionaire investor Wilbur Ross said he’s looking for a Turkish partner to invest in making automotive parts in the country.

“Turkey is a low-cost place to manufacture and has a number of carmakers there like Peugeot and Ford,” Ross said in an interview in Abu Dhabi yesterday. “We think there would be good auto parts demand there.” (more…)

Posted by meb at April 22nd, 2008

Chinese automaker Chery entered the Turkish market in Februrary with two models, Alia and Tiggo. The prices are far from cheap, ranging from YTL 19,900-34,990 ($15,225-26,270).

The distributor in Turkey for Chery is Mermerler Automotive, owned by Automotive Distributors Association (ODD) Chairman Yüksel Mermerler. Mermerler said not importing the cheap models was a preference for the Turkish market. (more…)

Posted by meb at April 22nd, 2008

Russia-based oil company Lukoil, which entered the Turkish market in 1998, has again taken an interest in acquiring Turkish gas distributor Akpet after its initial attempt failed last year.

Lukoil, which currently has around 50 stations mainly in minor cities and on the outskirts of major cities, aims to grow in the Turkish market by forming partnerships or purchasing domestic companies. According to sources in the energy field, Lukoil will hold preliminary negotiations with Akpet, a subsidiary of the Aytemiz Group. If the initial negotiations go well, Lukoil will then launch official negotiations to either buy out Akpet or to form a partnership with the company. Akpet currently operates 700 gas stations across the country. (more…)

Posted by meb at April 22nd, 2008

The number of Internet subscribers in Turkey has surpassed 5 million, according to Türk Telekom, Turkey’s largest provider of national and long-distance telecommunication services.

A written statement from Türk Telekom yesterday said the increase in the number of broadband subscribers was due to the investments by Türk Telekom in communications infrastructure around the country. (more…)

Posted by meb at April 21st, 2008

A major player in the mobile device sector, Nokia extends its reach into the depths of the Turkish market, as the company opened its 23rd Nokia shop in Ankara Friday. Nokia’s Turkey chief Imfred de Jong stated that they increased market share in Turkey to 39 percent, a figure greater than its share on the global market.
“I think that in first quarter we showed good year on year growth, we have 27 percent volume growth compared to same period last year. (more…)