2/2/2009

Turkish banks’ value soars amidst financial crisis

Hurriyet Daily News - As market value of the world’s banking giants erode due to the financial crisis, Turkish banks leapt forward in 2008. The "Global 500 Financial Brands" survey by Brand Finance and The Banker magazine, revealed over the weekend, showed nine Turkish banks ranking with global giants. Turkey’s Isbank was the bank that leapt most in the ranking for 2008. As global giants such as Lehman Brothers and Bear Stearns bankrupted and rivals such as Citigroup and Merrill Lynch eroded in market value, Isbank ranked 84th most valuable financial institution of 2008. The Turkish bank stood as 190th in the 2007 list. The market value of Isbank rose to USD 1.2 billion, from USD 557 million in 2007, the survey showed. Turkey’s Yapi Kredi ranked 121st in the 2008 list, while Garanti Bankasi stood as 134th and Akbank as 137th. Halkbank and Turk Ekonomi Bankasi, meanwhile, were able to make it to the list for the first time, as 224th and 323rd, respectively. Vakifbank, Finansbank and Denizbank also made it to the list. Seven of the nine Turkish banks on the list were awarded "A" in brand value in 2008.