8/8/2011

HSBC to boost Turkey presence amid global restructuring

Star - HSBC, the largest banking institution in Europe, plans to expand its operations in Turkey, according to its global restructuring plans. The London-based bank plans to cut 10 percent of its workforce as it pulls out from markets in North America and Europe, and focus on emerging Latin America and Asia.

The bank’s growth plans in Turkey may include the acquisition of a local bank, HSBC Turkey’s General Manager Martin Spurling told reporters in a press meeting. “Turkey is one of the key markets for HSBC investments,” said Spurling, revealing the bank’s 2011-2014 strategic plans regarding Turkey. “Turkey meets most of HSBC’s global criteria to receive increased investments. Depending on timing and costs, HSBC may consider acquiring a local bank in Turkey,” said Spurling. The bank plans to open 30 new branches in Turkey during 2012 and increase the number of its customers to five million.

“Turkey’s role in global commerce is constantly rising, making the country a key growth market in which we wish to do business,” HSBC Turkey General Manager pointed out.
Turkey; financial services sector; turkish banking system; hsbc; hsbc turkey; martin spurling