Last Updated September 29, 2008
Turkey’s strengthened banks unfazed by rising risks
Boosted by a wave of reforms and foreign investment, Turkish banks are confident that they can weather the current climate of slowing growth and rising interest rates and resume their rapid growth. Of course, there will be winners and losers. And privatisation is still to come, writes Bernard Kennedy in Ankara.
Global and domestic markets may be dragging their feet, but Turkey’s banks have a spring in their step.
Between December 2006 and March 2008, the 50 banks – including the four small but burgeoning ‘Islamic’ participation banks – opened 1,100 new branches and took on 23,000 extra staff. These figures represent a 15% expansion. Hundreds more branches are planned.
