BANKING - Al Baraka Turkey unit's operating income rises

MANAMA: Al Baraka Turk Participation Bank, a subsidiary banking unit of Al Baraka Banking Group, showed an increase in total operating income of three per cent to $281 million in 2010. After deducting expenses, provisions and taxes, net income increased by 35pc to $94m for the period.

"We are very pleased with the excellent results that the bank achieved in 2010," said Al Baraka Banking Group president and chief executive Adnan Ahmed Yousif.  (full story)

BANKING - HSBC seeks partner for foreign bank

ISTANBUL: The Turkish unit of Europe's biggest lender HSBC said a foreign bank had mandated it to explore a tie-up with a Turkish partner, sparking a rally in shares of smaller banks on takeover speculation.

Selim Kervanci, head of global banking at the unit, said: "We have been mandated by a foreign bank on a new partnership within the Turkish banking sector." (source)