3/28/2014

French BNP Paribas shifts investments to Turkey

Star - Turkey continues to be the preferred choice of destination for foreign investors. Being closely monitored by many international companies, Turkey is seen as the most favorable country for investments in many fields, particularly in the finance sector. French banking giant BNP Paribas is the latest addition to the list of foreign companies that have decided to shift their investments to Turkey, due to the ongoing political crisis in Ukraine.

 

According to Lars Machenil, CFO of BNP Paribas – also the French partner of Turkish Economy Bank (TEB) with operations in Turkey – Turkey is a promising market and is currently one of the two countries in which they are willing to grow in the future. Machenil said the bank will close 84 branches and reduce staff by 1,600 in Ukraine until the end of 2015, owing to the tough economic environment in Eastern Europe. He added, "Turkey is a thriving market; together with Poland, it posts a dynamic and ever-growing performance. With our focus on the Turkish market since 2002, we are satisfied with Turkey and are considering increasing our investments there. "

banking; investment; bnp paribas; TEB; machenil; finance; financial

ENGLISH