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Turkey's Largest Bank Establishes Dubai Operations

by Lorys Charalambous,, Cyprus

10 December 2009

Akbank, Turkey’s most valuable bank and company in terms of market capitalization, on December 8 commenced the operation of its Dubai office at the Dubai International Financial Centre (DIFC).

Akbank (Dubai) 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.

Ahmed Humaid Al Tayer, Governor of the DIFC, commented: “We are very happy to welcome Akbank to the community of financial institutions in the DIFC. Akbank’s decision to establish a presence in DIFC to target the regional market supports the process of deepening the already robust economic ties between the UAE and Turkey. Akbank’s move also reflects the continued confidence of the global financial industry in Dubai, the DIFC and the financial services opportunities that the Middle East and GCC regions offer. By working together with Akbank, we hope to tap growing complementarities and partnership opportunities between the financial sectors of these dynamic markets.”

Chair of Akbank, Suzan Sabanci Dinçer, who made the opening speech at the event, commented: “Turkey’s relations with its Middle Eastern neighbours have been on the rise, with the region becoming Turkey’s second most important trade partner after Europe. Today, more than ever, Turkey and GCC countries have ever increasingly common interests.”

Dinçer added: “As the leading Turkish Bank, our international strategy encompasses reaching towards both the West and the East in line with Turkey’s national endeavour as the integral bridge between Eastern and Western parts of the world. As such, I am very happy to announce that, with the launch of our operations in Dubai, our commitment to fostering business ties between Turkey and the Middle East will be stronger than ever.”

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