Italian bank to focus on SMEs, big corporations and project financing in Turkey
ISTANBUL - Reuters
AA PhotoItaly’s Intesa Sanpaolo will focus on financing small and medium-scaled enterprises (SMEs), large corporations and big projects in Turkey through its first Istanbul branch, after approval from the Banking Regulating Board (BDDK).
“We provided around 1 billion euros of loans to Turkish companies, after we had license to operate in the market,” Intesa Sanpaolon General Manager Gaetano Micciche said on April 16 in a press meeting, launching the opening of its first branch in Turkey.
He said the bank entered the Turkish market by securing the compulsory deposit amount of $300 million. The bank plans to offer financial support specifically to Turkish and Italian companies and concentrate on financing infrastructure projects in Turkey.
In the framework of the project financing activities, the bank is interested in projects such as Istanbul’s under-construction new airport, infrastructure and hospital projects, said bank representatives, adding that they could not say anything final about their participation in such projects yet.
Intesa Sanpaolo Vice Chair Marcello Sala said it made the right decision to enter the Turkish market.
The bank’s chief economist Gregorio De Felice also praised Turkey’s “high growth potential.”
“We expect Turkey to grow by 3.5 percent in 2015 and 4 percent in 2016,” De Felice said.
The bank’s market cap is around 53 billion euros and it posted a new profit of 1.25 billion euros in 2014.
The Intesa Sanpaolo Group is present in over 40 countries worldwide, including some of the most important financial centers and hubs within its network of branches, representative offices and banks specialized in corporate banking. Its cross-border activities of its corporate clients and enterprises are supported through the International Corporate and Investment Banking Division.