Italian financial services company Intesa Sanpaolo has applied for an operating license in the Turkish banking market, according to sources in the Board of the Banking Regulation and Supervision Agency of Turkey (BDDK). One of Italy’s biggest banks, Intesa Sanpaolo had attempted to enter the lucrative Turkish banking sector before, submitting offers for Garanti Bank and Finansbank stakes when they were on sale several years ago.

The bank has stated its readiness to set up shop under its own name in Turkey, with a share capital of USD 300 million, sources in BDDK reveal. Intesa Sanpaolo has 12 subsidiaries in 11 countries, employing more than 100,000 people.

BDDK granted its first new operating license in more than a decade to Lebanese Bank Audi last year.

Source : Sabah

The project to turn Turkey’s megacity into an international finance center is coming to fruition as the planning phase gives way to construction. Within the framework devised by the Turkish government, the Istanbul Financial Center (IFC) project will house the head offices of the country’s governing bodies of financial markets, state-owned banks and related businesses.

Outclassing its competitors in New York, London and Dubai by size, the complex to be built on the Asian side of Istanbul in Atasehir district will span over 2,500,000 square meters of land, comprising office space, residences, a conference hall, a shopping mall and a hotel. Some 30,000 people will be employed in the IFC project, designed to carry architectural flavors of Istanbul’s historic landmarks Topkapi Palace and Grand Bazaar.

“A symbol of grandeur and elegance, Istanbul will assume its historical role as a global center of commerce,” said Turkey’s Environment and Urbanization Minister, Erdogan Bayraktar in a briefing to the press about the status of the project. Bayraktar added that upon completion of the project, the headquarters of state-owned banks such as Ziraat Bank, VakifBank and Halkbank, as well as other public financial institutions like the Banking Regulation and Supervision Agency (BDDK), the Capital Markets Board (SPK) and the Turkish Banks Association (TBB) will be relocated to IFC. The complex will also have areas available for private banks and financial institutions.

Among the world’s top ranking cities in economic growth, Istanbul is regarded as the perfect emerging market example of a financial capital with its surging commerce and vibrant financial market.

Source : Zaman