1/18/2008

ING steps into Turkish finance as it completes Oyak Bank acquisition

Today's Zaman - The Dutch-based global finance giant ING Group has started its initiative in Turkey with the completion of the acquisition process for Oyak Bank, which was the Armed Forces Pension Fund's (OYAK) representative in the finance business. The new owner of the bank has changed the OYAK Bank name to ING Bank Turkey. It intends to double its market share by focusing on mortgages, corporate lending, small and medium-size enterprises, leasing and insurance and pension products. The bank also plans to open 150 new branches -- bringing the total number of branches to over 600 -- and hire an additional 2,500 employees. By the end of this year the transition of Oyak Bank with all of its branches to the ING Bank brand will be completed. The new brand will be promoted with the concept of "easy, convenient banking." Orange, the color of ING Bank, will be used as the symbol of this transition.

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