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Is Investment foresees contraction
Is Investment, one of Turkey’s leading financial intermediary corporations, released its “2009 Strategy Report,” which foresees a 1.5 percent decline in gross domestic product next year.
Turkey’s economy will not be “relaxed” next year, said the report. Presenting the report to journalists in Istanbul yesterday, Is Investment Research Director Serhat Gürleyen said: “There is no disaster […]
Banks’ assets rise but profits decline
Total assets of Turkey’s banking sector post a monthly increase of 5.2 percent, showing the healthy state of Turkish banks. But at the same time, total profits in banking decline to YTL 11.9 billion, an annual decline of 10.5 percent.
The total assets of Turkey’s banking sector rose 5.2 percent in October from the previous month, […]
Banking sector waits for clarity in economy
Central banks worldwide, including Turkey, are cutting interest rates dramatically, but the leaders in the finance sector still choose to employ a ’wait and see’ approach, according to Isbank’s Ersin Ozince.
While the Central Bank’s recent decision to cut interest rates caused optimism in the market, finance sector leaders have adopted a “wait and see” approach. […]
Government agrees wIth IMF on budgetary steps
Turkey is on the verge of securing a loan accord with the International Monetary Fund, or IMF, after it agreed in principle to spending plans, Economy Minister Mehmet Simsek said.
Turkey expects to conclude the agreement next month after the IMF softened its demands on budget savings, Simsek said Turkey in a speech to businessmen in […]
Lender grows with Kazakh partner
Sekerbank, the Turkish lender that sold a 33.98 percent stake to Kazakhstan’s Bank TuranAlem, or BTA, Securities JSC in 2007, is raising its capital from YTL 400 million to YTL 500 million.
The Turkish lender’s rights issues following the arrival of its Kazakh partner will total YTL 375 million, or 300 percent.
Sekerbank will finance […]
Total assets of banking sector increase by 5.2 pct in October
The total assets of the Turkish banking sector increased by 5.2 percent to YTL 715.5 billion in October compared to YTL 679.8 billion in September, the Banking Regulation and Supervision Agency (BDDK) has announced.
The BDDK released its monthly bulletin on developments in the banking sector yesterday. “Monitoring total assets in YTL and in foreign […]
CBT cuts key rates more than expected
Turkey’s central bank cut its key overnight rates by a larger-than-expected 125 basis points on Thursday, citing expectations of a clear fall in inflation and a deepening slowdown in economic activity. Analysts said the aggressive policy move, the second consecutive monthly surprise for financial markets, underlined fears for the 2009 economic outlook and signalled any […]
TBB head says 0 percent interest rate would be disaster
The decline of interest rates to 0 percent levels will not benefit Turkey, ?? Bankas? General Manager and Turkish Banks Association (TBB) Chairman Ersin Özince has predicted. Özince said the Central Bank of Turkey will use its interest rate weapon effectively to tame the markets and steer the economy, sometimes by slashing the key rates […]
Is Bankasi receives loan from German bank
Türkiye Is Bankasi announced yesterday that it has received a 20 million euro loan from Kfw Entwicklungsbank (German Development Bank).
In a written statement Is Bankasi said the loan was part of the second phase of the EU’s Small Enterprises Loan Program (SELP II). Is Bankasi and KfW Entwicklungsbank signed a framework agreement for the loan […]
Islamic banking in Turkey
Islamic banking in Turkey dates back to 1985, when the government, led by the late Turgut Özal, passed legislation for interest-free banking. The first “participation bank” was Albaraka Türk, established in February 1985, followed by Faisal Finans two months later.
Islamic banks offer customers profit-sharing proceeds instead of interest, and charge borrowers participation-sharing, instead of loan […]
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