Turkey Financial News

Posted by meb at December 6th, 2008

The total amount of Turkish manufacturing capacity utilized in November fell by a record amount — 9.7 percent — compared to the same month last year, according to recently released figures.

The latest “Trends in the Manufacturing Sector” survey, conducted by the Turkish Statistics Institute (TurkStat), was released yesterday, indicating that just 72.9 percent of total industrial capacity is now used. The figures were derived from the provisional results of 4,862 industrial establishments.

TurkStat cited the main reason for businesses failing to operate at full capacity as decreasing demand in the domestic market due to the negative effects of the ongoing financial turmoil in global markets. In addition, a shortage of raw materials and high energy prices have led to a decline in the utilization of industrial capacity, noted TurkStat. (more…)

Posted by meb at November 14th, 2008

A Dutch company opened a factory in the west of Turkey on Friday.

Fokker Elmo company of the Netherlands constructed a factory manufacturing aircraft cables in the Aegean province of Izmir.

Turkey’s State Minister Kursad Tuzmen inaugurated the factory in the Aegean Free Zone.

“The Fokker Elmo company have decided to invest in Turkey despite the global economic crisis, which is a big decision,” Tuzmen said during the inauguration ceremony.

The company invested some $12 million in the factory, which will employ 350 people. Leading world companies like EADS and Boeing are among the clients of Fokker Elmo. (more…)

Posted by meb at November 13th, 2008

Groupama, which owns Başak Sigorta in Turkey, is now eyeing another insurance company, Güneş Sigorta. Figures testify to the fact that Turkish insurance market promises a lot, according to Jean François Lemoux, managing director of Groupama

Groupama eyes growth Despite the global turmoil, Turkey remains an attractive market for insurance companies. “Turkey is our third largest international market,” said Jean François Lemoux, the managing director of Groupama International which owns Turkey’s Başak Sigorta, yesterday. The French manager also revealed the company’s interest in acquiring another insurance company.

“Turkey’s insurance market has grown 7 percent since 2002. Premiums grew 25 percent in the same period. While the total amount of insurance premiums stood at 2.3 billion euros in 2002, it reached 5.6 billion euros in 2007. These figures show there is great potential in Turkey,” Lemoux told journalists in Istanbul. (more…)

Posted by meb at October 22nd, 2008

Dutch insurer Aegon, which acquired Turkey’s Ankara Emeklilik, entered the Turkish life insurance and pension market on Wednesday.

Aegon’s chief executive officer Gabor Kepecs said the company was aiming to be among the top five insurance companies for news sales in the coming five years, Anatolian Agency reported.

“I have a target to be in the top five for the new sales in the coming five years. I will prove that this can be achieved with a good administration team,” he said. (more…)

Posted by meb at September 2nd, 2008

Turkish bank Yapi Kredi has narrowed the list of potential buyers of its Yapi Kredi Sigorta insurance operations, Dow Jones reported on Monday citing people familiar with the matter.Italy’s Assicurazioni Generali SpA and Zurich Financial Services were the two companies still in the frame to acquire the assets, the report said citing two unnamed sources.

Other sources had said previously that offers could be in the range of 600 million to 800 million euros and that the sales process was expected to be completed by the end of the third quarter.

Yapi Kredi Bank, one of Turkey’s largest private banks, is owned by Italy’s UniCredit SpA and Turkish conglomerate Koc Holding owns the majority of the insurance company, had hired Merrill Lynch and Unicredit CAIB as advisors to help it reorganize its operations in the insurance sector. (more…)

Posted by meb at August 27th, 2008

Zurich Financial Services, which purchased Turkish general insurer TEB Sigorta at the beginning of the year, has finalized a campaign to promote the name change as of yesterday. The company will operate in Turkey as “Zurich Sigorta” from now on.

“We are an insurance company whose aim is not to follow the market, but to lead the market in every country that we operate. We also aim for permanent, consistent and a high level of profitability,” Lutz Bauer, Zurich Financial Services Central and Eastern Europe chief executive, told members of the press in Istanbul yesterday. (more…)

Posted by meb at August 20th, 2008

Europe’s insurers remain on the hunt for small to midsize acquisitions, with the action likely to center on promising emerging markets to the east and south, the Wall Street Journal reported on Wednesday.

Heavyweights such as AXA SA of France, Assicurazioni Generali SpA of Italy and Zurich Financial Services AG of Switzerland are seeking buying opportunities in emerging markets to offset slowdowns in domestic premium growth, the report said.

The sector’s mergers-and-acquisitions focus will likely take place in countries like Slovenia, Turkey and Ukraine, it added. (more…)

Posted by meb at July 17th, 2008

Russian billionaire Roman Abramovich, especially famous for his ownership of British Premier League soccer club Chelsea, is planning to order a second yacht from Turkey, after being impressed by the technology and craftsmanship of his first one.

Ada Marine Group Executive Board President Murat Bilican recalled that the Russian tycoon had initially purchased an ABY 36 Oyster model luxury yacht, which was constructed at İstanbul’s Tuzla shipyards last year and delivered to Abramovich in December. The construction had taken nine months, a fairly quick turnover time for yachts of this class. “The first yacht is currently anchored at Chelsea harbor in London,” Bilican noted. The first yacht, which cost YTL 780,000, has a composite hull made of bulletproof carbon fiber. All the necessary technology for communication was also installed in the yacht, allowing its owners to contact any location in the world. (more…)