10/6/2011

Lebanese Bank Audi seeks to enter Turkish market

Vatan - Lebanon’s Bank Audi is seeking to expand its operations into Turkey’s lucrative banking sector. Pending final approval, Lebanon’s biggest bank will be the first financial institution to be granted a banking license by Turkey’s Banking Regulation and Supervision Agency (BDDK) in a decade.

After failing in its first attempt to do business in Turkey via the acquisition of Tekstilbank, the bank had entered direct negotiations with BDDK for an operating license in the country. Aiming to provide deposit banking services in Turkey, Bank Audi has agreed to meet the capital reverse requirement set forth by the BDDK. If approved, Bank Audi will be the 49th bank in Turkey’s financial services sector.
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Turkey; financial services sector; turkish banking sector; turkish finance market; bank audi; turkey banking license