BANKING - Turkey Hires Ex-Islamic Banker Oztekin as Chief Regulator

www.businessweek.com -Turkey appointed Mukim Oztekin, formerly of Islamic banks Albaraka Turk Katilim Bankasi AS (ALBRK) and Asya Katilim Bankasi AS (ASYAB), chief of the country’s banking regulator.

The decision to hire Oztekin for five years was published in the Ankara-based Official Gazette today. He last worked as a board member of the Savings and Deposits Insurance Fund, which manages the assets of failed banks, according to state-run Anatolia news agency. He also worked at Turkiye Garanti Bankasi AS (GARAN), the country’s biggest bank by market value. (source)

IMF - Statement by IMF Managing Director Christine Lagarde at the Conclusion of Her Visit to Turkey

www.imf.org - Press Release No.12/171 May 11, 2012
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF) made the following statement today at the conclusion of her visit to Istanbul, Turkey, where she met with the authorities and attended the 7th Investment Advisory Council.
"It has been a pleasure to be back in Turkey on the occasion of my first visit as Managing Director of the IMF. I was especially pleased to have the opportunity to meet with Prime Minister Recep Tayyip Erdoğan, as well as with Deputy Prime Minister Ali Babacan, and Minister of Economy Mehmet Zafer Çağlayan.
"I congratulated the Prime Minister and his colleagues on the reforms and achievements of the last ten years that have led to macroeconomic stability and enabled a major transformation of the Turkish economy.
"The economy is now at a critical juncture. Economic growth is projected to decelerate this year. The deceleration in growth has its benefits, allowing a reduction in the current account deficit and inflation, two areas which require special attention.  (source)

CAPITAL MARKETS - Erdogan Faces Worse Deal in Sukuk Than Dollar Debt Market: Turkey Credit

www.bloomberg.com - Turkey, planning its first sale of bonds that comply with Islamic law, may have to pay about a percentage point more in interest than on bonds sold in dollars that don’t have religious restrictions.

Turkey, the second-biggest Muslim economy after Indonesia, will probably have to pay a minimum of 5.5 percent annually on five-year debt to be attractive, according to Samer Mardini, vice president of fixed-income and Islamic finance products at SJS Markets Ltd. in Dubai. That’s 120 basis points higher than similar maturity dollar debt, data compiled by Bloomberg show.  (source)

EVENTS - Malaysia and Turkey exploring opportunities in ‘New Silk Route’

In the corridors of power in Ankara, a new thinking is emerging especially among the “Young Turks” of the Turkish establishment.

A combination of the aftermath of the global financial crisis; the seemingly intractable euro zone debt crisis with neighboring rival, Greece, bearing the brunt of the criticism; and endless obfuscation and simmering opposition by some diehard opponents to Turkish membership of the European Union; and the uncertainty in the Middle East and North Africa (MENA) region because of the so-called “Arab Spring,” is forcing Ankara to look beyond its traditional trading partners and markets in the EU and the Middle East and to consider alternative ways of raising funds and investments into the country. (source)

BANKING - G Capital, a subsidiary of GFH acquires Adabank in Turkey

G Capital a Dubai based company and a subsidiary of the Bahraini investment bank, Gulf Finance House (GFH), in partnership with Gürmen Group, has acquired Adabank in Turkey for US$ 75 million. Adabank is a Turkish Bank headquartered in Istanbul, Turkey and placed for sale by the Savings Deposit Insurance Fund (TMSF). (source)

BANKING - Erdogan Friend Gur to Buy Adabank With Gulf Finance House

Turkish businessman Remzi Gur, a close friend of Prime Minister Recep Tayyip Erdogan, and the Gulf Finance House won an auction for Adabank of Turkey, which was put up for sale by a fund managing failed banks.

Gur and GFH bid $75 million for Istanbul-based Adabank and will have a 50-50 partnership in the unit, Gur said in televised comments on Bloomberg HT television today. Gur and GFH were the only bidders in the auction.(source)

BANKING - Al Baraka Turk unit opens new Head Office

Source picture

Al Baraka Turk, one of the subsidiaries of Bahrain-based Al Baraka Banking Group has announced the opening of its head office in Turkey.    

 

The new head office was inaugurated by Turkish Prime Minister Recep Tayyip Erdogan.

 

"We see this magnificent building as a materialised symbol of our 25 years of successes and our bright future," said Al Baraka general manager Fahrettin Yahsi. 

"Many Arab banks are interested in Turkey and waiting in the queue to operate in the country," said Al Baraka Banking Group president and chief executive Adnan Yousif.

"Since the beginning of its operations in 1985, Al Baraka Turk managed to bring a different vision to the Turkish financial sector with its new financial model and understanding that it represents and is making breakthroughs with its vision to become the best participation bank in the world," he added.-TradeArabia News Service

BANKING - Kuveyt Turk launches information technologies R&D Center

Kuveyt Türk Participation Bank becomes the first bank operating in the Turkish financial industry to receive R&D Center certification


Kuveyt Türk has received certification for the R&D Center formed under its Information Technologies Group. With the participation of Prime Minister Recep Tayyip Erdoğan, certification was awarded during a meeting held at the Four Seasons Hotel, over the weekend.(source)

FINANCE - Gov’t plans to ship bourse across Bosphorus

Speaking at a conference marking the 25th anniversary of the Istanbul Stock Exchange, PM Recep Tayyip Erdoğan says he plans to move the bourse to Ataşehir on the Asian side of the city. The government aims to turn the Ataşehir district into a regional and then a global financial center, as various financial institutions are buying up land in the area

The government, led by PM Recep Tayyip Erdoğan, aims to turn the Ataşehir district, on Istanbul’s Asian side, into a regional and then a global financial center. AA photo

Prime Minister Recep Tayyip Erdoğan has upped the ante in his grand plan to turn Istanbul into a regional financial hub, announcing his intent to move the Istanbul Stock Exchange, or ISE, currently in İstinye, to Ataşehir on the Asian side of the city.

Interior Minister Beşir Atalay said in a separate statement that the Turkish Central Bank would remain headquartered in Ankara for the time being.

Speaking at a conference marking the ISE’s 25th anniversary, Erdoğan said the headquarters of state banks and “of relevant institutions” will be moved to Istanbul in the next two or three years. “We also wish to move the ISE to the finance center,” Anatolia news agency quoted him as saying.

FINANCE - PM Erdoğan says İMKB may be moved to new finance center

PM Erdoğan speaks during the 5th anniversary meeting of the foundation of the İMKB. He said they are considering moving the bourse to a new location in İstanbul.

FINANCE - Turkish PM seems resolute to turn Istanbul into global financial hub (celebration ISE Istanbul Stock Exchange 25 years)

Erdogan said that headquarters would be carried to Istanbul in the next 2 or 3 years.

Turkish government is resolute to turn Istanbul into a regional and international financial hub as Prime Minister Recep Tayyip Erdogan repeated plans to move headquarters of state-owned banks and several other financial institutions from capital Ankara to Istanbul, country's largest city with around 15 million population.

In his speech at a conference organized by the Istanbul Stock Exchange on Thursday, Erdogan said that headquarters would be carried to Istanbul in the next 2 or 3 years.

BANKING - Arab banks urged to expand in Middle East (and importance of Turkey)

BEIRUT: The banking industry could be a vehicle for creating more robust political and economic ties in the region, participants at the Union of Arab Banks conference told The Daily Star Thursday.

The comments came after Prime Minister Saad Hariri and his Turkish counterpart Recep Tayyip Erdogan delivered speeches that kicked off the two-day conference on Arab banks and international economic arenas.

GENERAL - Turkey's PM tells businessmen to boost Iran trade

ISTANBUL, Sept 16 (Reuters) - Turkey wants to triple its trade volume with Iran within five years, Turkey's prime minister told businessmen on Thursday, at a time when sanctions are scaring off Western investors from the Islamic Republic.