AIG to increase capital for Turkish operations

Today’s Zaman - Faltering US insurance giant AIG will increase the amount of money available for its Turkish subsidiary to invest as a sign of confidence in the Turkish market. Goktug Gur, General Manager of AIG Turkey, said his company, which has been operating in Turkey for 30 years, will increase the capital available for investments from TRY 18 million to TRY 43 million during 2009. The company received the approval of the Ministry of Industry and Commerce on December 30, 2008. In a written statement yesterday, Gur said, "Turkey is one of the most promising and inspiring insurance markets, and it is expected to post a 16 percent rate of growth every year for the following three to five years. Therefore, this market will offer us many opportunities to expand our operations"