Turkish largest private airline goes public

Posted by meb at February 25th, 2013

Pegasus, Turkey’s largest private air carrier, is planning to open up its shares to the public, according to the company.

The company applied to the Capital Markets Board (SPK) for a public offering on Feb. 22; the shares are expected to be opened either this year or next year.

The company initiated research in 2011 with the intention of setting up an initial public offering (IPO) earlier but had to postpone the plans due to waning investor interest in capital markets during the global financial crisis. (more…)

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Board hears 12 banks’ defense in rate-fixing case

Posted by meb at February 25th, 2013

Turkey’s Competition Authority (RK) hears the defense today of a dozen banks under investigation for alleged collusion in setting loan rates.
The RK will hear the banks’ cases at 10 a.m. at its headquarters in Ankara. The verdict is expected in the following 15 days. RK said back in November it would seek to issue a collective fine worth TL 4.8 billion ($2.65 billion) if it finds the banks guilty of colluding on interest rates. The 12 banks, which include the country’s four largest banks — Akbank, Garanti Bank, Ä°ÅŸ Bankası and Ziraat Bankası — allegedly agreed to cooperate and set interest rates as high as 14 percent for customers, an RK investigation dating back to November 2011 says. (more…)

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Private sector foreign debts rise by $11.2 bln year-on-year

Posted by meb at February 19th, 2013

Foreign financing debts of the Turkish private sector rose by $11.2 billion between December of 2011 and 2012, according to data released by the Central Bank of Turkey on Tuesday.
The increase adds to existing debt and brings the total amount of foreign debt owed by Turkish businesses to $137.6 billion at the end of 2012. When evaluating the numbers against the data of the previous year, the loans of non-banking financial intuitions increased by almost $1 billion while the loans of non-financing institutions rose by $3.2 billion.

Also, the data showed that out of $137.6 billion, 59.7 percent of the loans were taken out in dollars and 34.9 percent in euros, with the remaining in other currencies. The loans taken out by non-financial institutions take up a share of 61.4 percent in total debt with a value of $84.4 billion. Of this debt, 59.4 percent is held by the service sector, 39.9 percent by industry and 0.7 percent by agriculture.

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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…)

Posted in Banking & Mortgage, Business World, Financial markets, Sectoral Reports| No Comments | 

Iraqi governor invites more Turkish investors

Posted by meb at October 25th, 2011

Baghdad could cooperate with Turkish companies in all fields, according to the Iraqi capital’s governor Salah Abdul-Razzaq.

Speaking at the inauguration of the “Turkish-Iraqi Trade Summit” in Istanbul on Tuesday, Abdul-Razzaq said that Iraq allocated $30 billion for new projects in 2011 and this figure would go higher next year.

Iraq is among the 10 countries in the world with most needs for public works. As such, there is a need for investments worth billions of dollars in Iraq.

Iraq presents highly important opportunities for investors, Abdul-Razzaq said. “We can cooperate with Turkish companies in Baghdad in many diverse fields. Turkish companies make quality production at prices lower than those of Europe. We regard Turkish companies closer to us than others. We want to see Turkish companies in infrastructure, tourism and telecommunications fields in Iraq.”

Posted in Financial markets, Foreign Investments| No Comments | 

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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Central Bank bleeding heavily in fight for lira

Posted by meb at October 20th, 2011

The Turkish Central Bank’s already moderate foreign exchange reserves, which fell to $85.9 billion Turkish Liras as of Oct. 14 down from $93 billion at the end of July, signal a risky shrink as the bank continues to sell U.S. dollars in a bid to defend the value of the lira.

The figure announced by the bank yesterday comes after a big campaign of dollar sales that started this week. The Central Bank sold more than $1 billion in total on Oct. 18 in a direct intervention and a daily auction. It sold an additional $750 million of dollars in yesterday’s auction.

The bank has sold $6.45 billion since it started its daily forex auctions on Aug. 5. (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…)

Posted in Business World, Financial markets, Foreign Investments| No Comments | 

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