With 2023 the centennial of the establishment of the Republic of Turkey, elections in 2011 saw the government unveil a long-term vision for the country’s development that stretches ahead for more than a decade. The ruling Justice and Development Party (AKP), able to capitalise on an unprecedented period of political stability after winning its third...
While some peers have struggled following the global economic crisis, Turkey’s banks have grown rapidly in recent years. Moreover, they remain healthy, liquid and well capitalised. Profits declined in 2011, particularly at the larger banks, as interest margins fell due to competition for loans and increased funding costs. However, there is still...
The year 2012 is scheduled to be a banner one for privatisation in Turkey, if all goes according to plan, with moves ahead on gas and electricity grids, bridges, highways and ports. Yet these plans are also likely to be subject to the temperature of the global economy, as those charged with organising the sell-offs try to launch when investor...
After outperforming many of its peers in 2010, the İMKB Borsa Istanbul (İMKB), had a challenging year in 2011. While bourses in many emerging markets declined, Turkey was particularly hard hit, mostly due to its weakening currency and the country’s exposure to the eurozone. Capital markets in Turkey remain among the most liquid in the region but are...
THE COMPANY: In 2011 the central bank’s macro-prudential policy measures utilised tools that directly and adversely affected Turkish banks. However, the tightening should lessen in 2012 as we foresee growth concerns surfacing and supportive macro data. Accompanied by improving global risk appetite and...
The top five Turkish lenders in account for nearly 60% of the assets in the banking sector. The state has ownership stakes in three of Turkey’s top 10 banks; and the second-largest bank, Ziraat, is 100% state-owned. While domestic players account for eight of the 10 biggest lenders in the country, four of these are at least partially owned by...
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