ING Bank Turkey, formerly Oyak Bank, is planning an expansion programme after overcoming a rocky beginning, heightened by the withdrawal of a large numbers of deposits from members of the Turkish armed forces. The global recession that struck the country in the fourth quarter of last year and also affected the parent bank.
Holland's ING Group acquired Oyak Bank in December 2007 from Turkish armed forces pension fund, known as Oyak, Turkey's second largest investment fund, for $2.67bn. The name of the bank was changed to ING Bank in July 2008.