Sabah – Kuwaiti lender Burgan Bank Group, has announced the start of operations in Turkey under its own name, following its acquisition of the Istanbul-based Eurobank Tekfen. The Kuwaiti bank completed the takeover of a total of 99.26 percent shares from Tekfen’s Greek partner for USD 355 million last December.
The third largest banking company from the Gulf nation, Burgan Bank’s entry to the Turkish banking market follows the likes of Bank Audi from Lebanon, the first foreign lender to receive a Turkish banking license in 11 years and the Japanese Bank of Tokyo-Mitsubishi UFJ, another lender recently licensed to operate in Turkey, to cash in on the country’s lucrative banking market. Istanbul’s bid to become an international financial center is amongst other reasons that lure multinational financial institutions to Turkey.
Already a strong name in the region, Burgan Bank’s operations across the Middle East will be fostered by the brand’s expansion into Turkey, a country with a key geo-strategic location and a strong banking system, according to a statement by the company.
The bank will operate with 60 branches across Turkey.