9/10/2008

Fortis CEO sees great growth potential in Turkish banking industry

Today’s Zaman - Fortis Turkey’s top executive Yvan de Cock states there is still great potential for growth, especially in banking services for small companies. The interest in Turkey by foreign banks has increased in recent years parallel to improvements in the country’s investment climate and largely as a result of new structural changes and an overhaul of the banking industry. Turkish banks have also enjoyed an expanding market, and they have diversified their product portfolios with innovative tools to meet the demands of the consumer market. Benelux-centered Fortis entered the Turkish market by acquiring 89.3 % of Turkey’s fifth-largest privately owned bank, Disbank, from the Dogan Group in 2005 for approximately 985 million euros. Disbank’s 173 branch network was re-branded as Fortis. This year Fortis Turkey posted a first-half profit of YTL 155 million, an increase of 28% over the first half of 2007.
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