Hürriyet – Rabobank, the largest retail bank in the Netherlands, has received the green light from Turkey’s banking watchdog to set up operations in the country.
According to Turkey’s Official Gazette publishing the approval of the Board of the Banking Regulation and Supervision Agency of Turkey (BDDK), the Dutch lender will establish a deposit bank as the controlling partner with 96 percent of shares. Turkey requires capital equivalent to USD 300 million for starting a banking business in the country.
Ranking 26th among World’s Largest Bank list of The Banker magazine, Rabobank joins Italian Intesa Sanpaolo, Japan’s Bank of Tokyo-Mitsubishi UFJ (BTMU) and Lebanese Bank Audi who have all received a Turkish banking license in recent years.
ING Group, another Dutch banking company, has also been active in the Turkish market since its acquisition of local Oyak Bank in 2007.