Zaman - Japan's Mizuho Corporate Bank has opened a representative office in Turkey’s financial capital, Istanbul. The second largest financial services group of Japan also signed a Memorandum of Understanding (MoU) with the Investment Support and Promotion Agency of Turkey (ISPAT) to strengthen business ties between the two countries.
Intent on expanding its newly-established presence in the country’s lucrative banking market, the Japanese lender is looking into getting a banking license or a stake acquisition in a Turkish bank, according to Mizuho Financial Group CEO, Yasuhiro Sato. Speaking to the press at the signing ceremony in Istanbul, Sato said that Turkey’s strategic location linking Europe and Asia is of enormous importance for the company. “Turkey’s advantageous location will give us easy access to markets in Africa, Europe and Central Asia. In that regard, the signing of this MoU is historically important..”, he said. “Opening a representative office is only a first step. We are evaluating our options of either opening a bank in Turkey or getting stakes in a Turkish bank..”, the CEO added.
“Between the years 2002 and 2011 Turkey received USD 750 million of FDI from Japan..”, ISPAT President Ilker Ayci said at the event. “This is clearly not sufficient, considering that Japan is one of largest economies of the world and a major source of FDI. ISPAT has initiated a strategic approach towards Japan and cooperating with one of the key banks of the country is a sign of more and larger Japanese corporations being on their way to invest in Turkey..”, Ayci remarked.
ISPAT had signed another MoU with Japan’s largest bank, The Bank of Tokyo - Mitsubishi, last year to improve economic cooperation between the two countries.