Aksam – Mizuho Corporate Bank of Japan signed a cooperation agreement with Turkey’s Akbank to offer a variety of banking services for Japanese companies operating in Turkey. The Japanese lender had been active in Turkey via its representative office, opened last June, in Istanbul.
Mizuho-Akbank cooperation will deal with the funding and loan requirements of Japanese companies with investments in Turkey and/or in commercial involvement with Turkish companies. “The deal comes as the number of Japanese companies in Turkey exceeds 130…”, Akbank General Manager Hakan Binbasgil commented on the agreement. “Foreign direct investments into Turkey show no sign of slowing down despite the global economic uncertainties. Japan is the second largest FDI exporter country in the world and Turkey received USD 750 million of FDI from Japan in the last 7 years...” he added. Mizuho Corporate Bank had also signed a Memorandum of Understanding (MoU) with the Investment Support and Promotion Agency of Turkey (ISPAT) as a means of consolidating business ties between Turkey and Japan.
Another Japanese lender, Bank of Tokyo-Mitsubishi UFJ (BTMU), applied for a banking license in Turkey last July in the light of increasing Japanese investments in Turkey.