AKBANK - Turkey's largest commercial bank granted license to operate from DIFCPress Release11 Nov 2009 09:01 am
Becoming the first commercial Turkish Bank to join the DIFC community
Akbank, Turkey’s most valuable bank and company in terms of market capitalization, has received a license to operate from the Dubai International Financial Centre (DIFC).
The Dubai office is named Akbank (Dubai) Ltd. and is the first Turkish Bank to set up at the DIFC. It aims to become one of the preferred consultants in Investment Banking & Corporate Finance in the region by leveraging the expertise and knowledge of its parent company and its local staff in the Dubai office. It will be headed by Mr. Cem Atac, who has vast experience in the banking sector throughout the region.
Abdulla Mohammed Al Awar, CEO, DIFC Authority said, “DIFC is the ideal gateway for Akbank to launch its operations in the region, particularly as Turkish-GCC business relations continues to grow positively. We are delighted to welcome Akbank to the DIFC family, and look forward to a fruitful relationship that will bring these two high-potential markets closer together. The move is proof-positive that Dubai and Turkey have remained largely resilient during the ongoing global economic crisis, and re-affirms the vast potential in region.”
“We are pleased to launch our operations in Dubai which has proven to be a highly dynamic city replete with opportunity. Its geographical positioning makes it vital in international business, hence our strategic decision to open offices in DIFC, which is the ideal hub for the growth opportunities we seek. Akbank will be reaching towards both the West and the East with its best-in-class banking services. Akbank NV (Netherlands) is our base in the West and our Dubai Office will be the center in the East,” stated Suzan Sabancı Dinçer, Chairman and Executive Board Member of Akbank.
The core competence of Akbank Dubai will be its ability to intermediate in Mergers & Acquisitions, manage IPO’s and dual listings of Turkish companies. It will also act as placement agent or arranger of funds, give advice on financing long/medium term projects and provide private banking services.
“Akbank Dubai aims to act as a catalyst in the development of enhanced economic cooperation and dialogue between Turkey and the GCC, serving the needs of its clients both in the region and in Turkey, by offering the highest professional standards,” commented Mr. Atac, Senior Executive Officer of Akbank (Dubai) Ltd.
Akbank’s successful performance was recently awarded by prestigious international publications such as Euromoney and Global Finance. Euromoney recognized Akbank as “The Best Bank of Turkey” under “Awards of Excellence - 2009” in July 2009. Global Finance also selected Akbank as “Turkey’s Best Bank”, “Best FX Bank” and “Best Trade Finance Bank” in 2009.