5/27/2009

Foreign banks make profit in Turkey, while incurring loss abroad

Radikal – The global economic crisis has caused a serious reduction in Q4 2008 and Q1 2009 profits of some large banks abroad, particularly in Europe and the US. Meanwhile, Turkish banks posted significant profit results, against the background of banks that were confiscated, went bankrupt, sought additional sources, were sold or incurred loss abroad. During Q1 of 2009, the Turkish liaison offices of foreign banks posted profit, while their parent banks incurred loss abroad.

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