Milliyet – Singapore-based financial services provider PhillipCapital has set its sights on growth in Turkey and the surrounding countries after entering Turkey’s financial market last year through the acquisition of Turkish brokerage firm Hak Menkul Kiymetler. With global assets worth almost USD 20 billion, the company will first set up two branches in Istanbul to be followed by branches in Ankara and Izmir.
Seeing Turkey as a strategic investment hub that enables easy access to surrounding markets in Turkic republics and the Middle East, PhillipCapital intends to introduce all its financial products to the Turkish market, according to its Deputy CEO, Kerem Korur. Korur said that by 2014, the company’s services in Turkey would include brokerage services for corporate financings, mergers and public offerings.
“The strategic location, young population and a dynamic economy will make Turkey stand out in the next 10 years..” the PhillipCapital CEO Thomas Yeoh said, adding that setting up financial bridge between Turkish and Asian capital markets was among their plans. “Roadshows to be staged in Singapore and Malaysia in cooperation with Borsa Istanbul (Istanbul Stock Exchange) will bring in more investments to Turkey..”, Yeoh added.
Strong economic growth coupled with economic and political stability attracts sizeable foreign investments into Turkey’s financial services sector, namely in banking and insurance fields. The country’s financial capital, Istanbul, is on its way to becoming an international finance center.