National Bank of Greece’s purchase of Turkey’s Finansbank, and other cross-border deals, counter continent’s protectionism adherents.

Turkish banks are on the lookout for more funding to meet demand from the growing credit card, mortgage and commercial loan sectors. Michael Marray reports on the growth in both wrapped and unwrapped paper.

Koç Financial Services
Kemal Kaya, CEO

Economic stability has brought foreign banks streaming into Turkey to buy or partner its own banks, causing some locals to question the trend. Michael Kuser reports from Istanbul.

Turkey is bracing itself for gruelling EU membership talks.Metin Demirsar reports on the state of its economy and the steps that the government must take to meet the union’s requirements.

Israel’s biggest financial institution, Bank Hapoalim, announced on September 13 that it had signed a memorandum of understanding to acquire a 50% share in Turkey’s C Kredi ve Kalkinma Bankasi (C Bank) for $113m, with the aim of breaking into the lucrative Turkish mortgage and project finance markets.

Holland’s Rabobank has acquired a 36.5% stake in Sekerbank for $90m, as European banks continue to snap up shares in Turkish banks ahead of the country’s membership talks with the EU in October.

Greek hesitancy to invest in Turkey’s financial sector is set to change, according to senior Greek and Turkish bankers who attended an inaugural joint meeting in Athens in May under the umbrella of the Washington-based Institute of International Finance, the global association of financial institutions.

KoÇ Financial Services, a 50-50 joint venture between Koç Holding of Turkey and UniCredito of Italy, has acquired 57.4% of Yapi ve Kredi Bankasi for €1.160bn. The deal, May 9, comes as foreign banks rush headlong to acquire Turkish banking assets ahead of membership talks between Ankara and the EU in October.