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Western EuropeJanuary 2 2006

Turkey

Koç Financial ServicesKemal Kaya, CEO
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1. What makes your country attractive to investors?

A combination of rapid growth and decreasing risk coming from convergence to the EU is making Turkey attractive. The EU process means full integration with the rest of the world. Turkish membership will help the EU to understand the dynamics of eastern Europe, the Middle East and central Asia. This is also true for investors who want to be located in these markets, for whom Turkey’s young population provides a fresh market.

2. What are the economic prospects for your country over the next three to five years?

The overall scenario would change rapidly with the help of a stable political environment and start of EU accession talks. The next target is to meet the Maastricht criteria. While the budget deficit target can be met next year, we expect the debt criterion to be met in 2008. We expect the annual inflation figures to decline to 3% in 2008.

3. How do you foresee the financial sector in your country changing?

Turkey’s banking sector is still underpenetrated compared with the EU and new EU countries. We can expect a significant expansion in retail and corporate markets and an increase in FDI in the financial sector, thanks to stability, sustainable growth and decreasing risk.

4. What role will your bank play in your country’s future development?

Koçbank represents the first foreign joint venture in the Turkish banking sector, which is an important development for the whole market. In the forthcoming term, we are determined to become more active in both domestic and international markets. Our acquisition of Yapi Kredi Bank (YKB) will create one of Turkey’s largest banking groups, bringing synergies with it.

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