More Turkish banks on foreign buyers’ radar, Fitch says

Posted by meb at January 17th, 2013

A strong economy and resilient banking sector will likely attract more foreign banks seeking Turkish bank acquisitions this year, Fitch Ratings said in a written note on Monday.
The rating agency said possible acquisitions of Turkish banks by foreigners could improve the credit ratings of the banks purchased “because buyers are likely to be more highly rated.”

“Turkey’s medium-sized banks are the most likely acquisition targets because of uncertainty about the long-term sustainability of their operations as independent entities. … The sector’s healthy credit fundamentals, market size [including a large bankable population] and the broadly favorable outlook for Turkey’s economy make it particularly attractive,” Fitch said. Fitch cited good liquidity, held up by a stable retail deposit funding base, low leverage, still wide margins by international standards and strong credit demand as factors for Turkey’s strong banking sector. “But a return to rapid loan growth could lead to a build-up of risks in the system,” it added. (more…)

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Ernst & Young: Outlook positive for 2013 as investors eye Turkey

Posted by meb at January 17th, 2013

Turkey saw a record number of mergers and acquisitions (M&As) in 2012, an indication that 2013 may be a strong year for foreign and domestic investment, global consultation and auditing firm Ernst & Young told journalists gathered at a press breakfast on Wednesday.
The country saw 184 M&As by Turkish firms and 131 by foreign firms last year, with a total public value of around $23.2 billion. Clients often request to keep the value of their deals confidential, and the total value of M&As in Turkey last year might in fact be around $30 billion, Ernst & Young officials stated. (more…)

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Contractors pin hopes on gov’t for repayment of debts in Libya

Posted by meb at November 3rd, 2011

Turkish contractors, long unable to receive payments for projects in an unstable Libya, woke up Wednesday with renewed hope as Economy Minister Zafer ÇaÄŸlayan arrived in Tripoli to discuss a solution for the problem with the country’s new rulers, the National Transitional Council (NTC).

Following months of heavy fighting against dictator Muammar Gaddafi, NTC fighters gained full control of Libya last month. Turkish construction companies that have the largest share of Turkish investments in Libya had to suspend projects following the national unrest.

Companies have failed to receive payment for projects — estimated at around $1.5 billion — they had completed prior to the uprising. (more…)

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Libya rush should start urgently, minister says

Posted by meb at November 3rd, 2011

Turkish construction companies should rush back to Libya, their one-time top market, as the government is ready to support them, according to Economy Minister Zafer Çağlayan.

“Our businessmen demand a special customs permit to take their machinery and equipment to Libya,” the minister said during a press meeting yesterday in Tripoli with his Libyan counterpart.

A business assembly of 200 people accompanied the minister during the one-day visit.

Turkish companies undertook $7.627 billion worth of projects in Libya in 2009 and 2010, according to official data.

Upon Turkish Prime Minister’s order, Turkey will build schools, mosques, police stations, courts and jails in Libya, the minister said. (more…)

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Turkey’s e-commerce grows at rapid pace

Posted by meb at November 3rd, 2011

The total revenue earned through online payments increased by 52 percent to 16.9 billion Turkish Liras in the year’s first nine months compared to the same period last year, according to data released yesterday.

“Almost one in every five people in Turkey now shops online,” said Soner Canko, general manager of the Interbank Card Center (BKM), speaking at Cardist 2011 International Card and Smart Technologies Exhibition & Summit held in Istanbul. He said Turkey ranked among the biggest markets in Europe regarding online commerce. The number of Internet transactions jumped 37 percent in the first three quarters compared to the same period in 2010, reaching 91.4 million transactions. (more…)

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Turmoils shift the axis of Islamic investments

Posted by meb at October 25th, 2011

The ongoing unrest in North Africa and the Middle East have directed many investors from Gulf countries to Turkey. The newcomers include many Islamic bankers, says to top executive of Dubai-based Noor.
Turkey has attracted significant investments from Gulf countries as well as Islamic bankers due to the Arab Spring in the Middle East and North Africa, according to the top executive of the Dubai-based Noor Islamic Bank.

“Turkey served as the safe haven regarding investments from the Middle East,” said Hussain Alqemzi, Noor’s chief executive officer, speaking to the Hürriyet Daily News yesterday on the sidelines of the Islamic Investment and Finance Forum in Istanbul.
“Certainly we would like to see more stability in the region, which would pave the way of the investment climate,” Alqemzi said, adding that the Noor Islamic Bank has been mandated to arrange and manage more than $1.4 billion Islamic finance capital market deals in Turkey in the last 18 months, making it the most active United Arab Emirate bank in the country.
(more…)

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It’s Turkey time, board report says

Posted by meb at October 20th, 2011

This is the best time to invest in Turkey, according to a recent report that will be presented to U.S. investors and fund managers who decide on the flow of millions of dollars in funds.

The Boston Consulting Group’s Turkey branch and the Foreign Economic Relations Board of Turkey (DEİK) will present today a report on the “Global Advantage of Turkey” at the Turkey Investment Conference in New York, hosted by the American Turkish Society and Goldman Sachs.
Automobiles, textiles, chemicals, steel and food are underlined as export champion industries in the report. It also emphasizes Turkey’s importance technologically and socially, not just the country’s strategic importance. (more…)

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Turkish Investment Summit takes off in London

Posted by meb at October 19th, 2009

The Turkish Investment Summit opens at the Renaissance Chancery Court Hotel in London on Tuesday.

The three-day program will provide plenty of time for social networking, acquiring new contacts and discussing business with potential partners and clients.

Organized by the Turkish Embassy in London and the European Bank for Reconstruction and Development, the Turkish Investment Summit will provide an in-depth look into the global and domestic outlook for Turkey, including a spotlight on European Union accession. (more…)

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