7/9/2008

Turkey's Oyakbank becomes ING Bank

World News - Dutch ING group purchased Turkey's Oyakbank and changed the name of the bank as ‘ING Bank’. "The institutional change and transformation took about six months" Hakan Eminsoy, the director general of the ING Bank Turkey, told at a press conference in Istanbul. Eminsoy said that ING bank aimed to increase the number of its branches to 600, double its market share and employ 2,500 more people within five years. The director said that the bank also planned to open 75 new branches and 30 express branches in 2008. Oyakbank's assets went up 6.11 percent and reached 12.5 billion new Turkish liras (YTL) in 2007. Oyakbank's net profit also went up 29 percent in 2007 over 2006, and reached 135 million YTL. It has 6,111 staff, 352 branches and 810 ATMs as of July 2008.