Turkey safe haven, says Unicredit
Posted by meb at October 24th, 2008
Just as the current global financial crisis hit investment banking heavily, UniCredit SpA, Italy’s biggest lender and co-owner of Turkey’s Yapı Kredi Bank with Koç Holding, sees Turkey as a safe haven for its investment banking operations.
“Turkey is a core market for us. We are fully committed to our presence here,” Edoardo Spezzotti, head of UniCredit Markets & Investment Banking Division, said at the third UniCredit Turkey Infrastructure Conference in Istanbul yesterday.
“We aim to be the largest investment bank in Turkey. We are looking forward to enhancing our operations here as well as increasing the number of staff. We are developing in market and investment banking in Turkey while some players of the market prioritize mergers with other banks or moving away from investment banking to adopt a global banking model. Some banks have been disappearing while some others lose their independence,” said Spezzotti.
Commenting on the likely effects of the global economic crisis on investments in Turkey, he said: “As long as Turkey remains committed to fiscal discipline, the structural reforms and the notion of stability, it would keep receiving financial investment and maintain the success it has obtained over the past couple of years.”
Lottery tender next week:
Meanwhile, Metin Kilci, chief of the Privatization Administration, who also participated in the conference, announced that the tender for the National Lottery will be held next week.
“Within the framework of the bridges and highways tender, the Bosporus bridge will be evaluated separately, while the rest of the bridges and highways will be considered part of a single package,” said Kilci. “The highways and bridges privatization will be modeled upon the transfer of 20 or 25 percent of the administration rights.”
source: Turkish Daily News
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