HSBC interested in midsize local banks
Vahap Munyar İSTANBUL / HÜRRİYET
HSBC wants to be top global bank in Turkey, says HSBC Turkey General Manager Martin Spurling. HSBC could buy mid-size bank to expand growth in Turkey. AA photoHSBC is constantly toying with the idea of acquiring a mid-size bank in Turkey, said HSBC Turkey’s General Manager Martin Spurling in an interview with daily Hürriyet, without mentioning any specifics about the bank’s possible interest in French-Belgian Dexia’s unit Denizbank.
“We plan on being Turkey’s largest global bank. As a result, we already have an organic growth strategy in place. However, to reach our goal more quickly, we are always considering purchasing a bank in Turkey,” said Spurling.
Spurling explained that with HSBC’s current organic growth strategy, the bank could only reach fifth place over the next 25 years because of strong local competitors.
When asked about what type of bank HSBC would consider, Spurling said, “It would have to be a mid-sized bank that would add to our growth strategy. The bank we purchase would also have to fit in with our company culture, must be able to provide us with new customers, in short it must allow us to grow.”
Strong banking sector
Spurling also stressed in the interview that the Turkish banking sector was very strong. Therefore, one cannot expect banks to go on sale too frequently, but that if such an opportunity were to arise, HSBC would always be interested.
As part of HSBC’s five-year plan, the bank has acquired $275 million in capital. In 2012 HSBC plans to open 30 more branches in Turkey, according to Spurling.
HSBC currently has 333 branches in Turkey and employs 6,200 employees.