Foreign interest in business opportunities in Turkey continues to hot up, after Japan’s largest bank, and one of the largest in the world, has obtained the necessary rights to operate in the country.
The Bank of Tokyo-Mitsubishi UFJ (BTMU) has plans to open local branches in Turkey in December, after obtaining a license from Turkey’s Banking Regulatory and Supervision Agency (BDDK).
BTMU’s initial investment will be worth $300 million. BTMU currently has more than 500 branches in 40 countries around the world, employing 36,000 people. That a giant from the global banking world has decided to set up shop in Turkey is a positive sign for the country and highlights the financial opportunities it presents.
BTMU CEO Shoji Nakano said in July that BTMU’s entrance into the Turkish banking sector would help facilitate a growing Japanese presence in Turkey and stated that many of its expected customers were Japanese firms eager to compete in Turkey’s energy, financial and telecom industries.
Meanwhile, Dutch giant of the banking world Rabobank, ranked the world’s 26th largest bank and the largest retail bank in Holland, has announced plans this month to open offices in Turkey, saying it sees the country as a growing opportunity.
The first Rabobank office will be in Istanbul and focus on the commercial sector, initially planning to provide trade financing and treasury services in the country. However, in a statement on an on-line news website, the bank said it could increase its presence in Turkey to four offices over the next few years.