Another Japanese banking giant arrives in Turkey

By bne IntelliNews February 13, 2013

bne -

Continuing the move of Japanese banks to the growing Turkish market, Sumitomo Mitsui Financial Group has signed a cooperation agreement with Garanti Bankasi, it announced on February 12. The deal makes it the third large Japanese bank to to tie up with a Turkish lender in the last six months.

In a statement, Sumitomo Mitsui said it has agreed with Turkey's largest bank by market capital to cooperate on export credit agency financing and advice on project and structured finance, reports Bloomberg. The deal extends a trend that sees Japanese banks following companies from the country to Turkey as they join the global hunt for growth and yield amidst a poor market at home.

Japan's second-biggest bank by market value joins Mitsubishi UFJ Financial Group and Mizuho Financial Group in allying with Turkish lenders to capitalize on the country's credit demand. The three Tokyo-based mega-banks are seeking to boost lending abroad as persistent deflation discourages borrowing at home.

Mizuho signed an agreement with Akbank in September to provide services to Japanese companies operating and investing in Turkey. Bank of Tokyo-Mitsubishi UFJ unveiled an accord with Isbank in October, and in December won approval to set up a bank according to a decision by Turkish regulators.

Related Articles

Turkey approaches day of reckoning on economic reform

Kivanc Dundar in Istanbul -   The unexpected success of President Recep Tayyip Erdogan’s Justice and Development Party (AKP) in this month’s general election should bring much-desired political ... more

Macedonia kept on hold as Balkans edges towards EU goal

Clare Nuttall in Bucharest -   Macedonia’s EU accession progress remains stalled amid the country’s worst political crisis in 14 years, while most countries in the Southeast Europe region have ... more

Turkey and America seen on course for confrontation in Syria war

John Davison of Exaro - Military action by Turkey against Kurdish rebel forces in Syria raises the prospect of a direct clash with the ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss