Japanese lender Sumitomo reportedly in talks to expand in Turkey.

By bne IntelliNews July 19, 2012
Bloomberg reported by quoting two unnamed people familiar with the situation that Sumitomo Mitsui Financial Group Inc., Japans second largest lender by market value, is currently in talks with local Investment Support & Promotion Agency (Ispat) in order to seek options to expand in Turkey from a representative office of its banking unit Sumitomo Mitsui Banking Corp. in Istanbul. Sumitomo plans to help finance Japanese investments in Turkey and may also apply for a banking license, according to unnamed sources. Takashi Morita, a spokesman from Sumitomo Mitsui Banking Corp., told Bloomberg that nothing has been decided. Please note that Yasuhiro Sato, CEO of Mizuho Corporate Bank, Japans third largest lender which opened a representative office in Turkey last month, announced last month that the lender wanted to get a local banking licence or acquire a stake in a local bank; and Shoji Nakano, another Japanese lender Bank of Tokyo-Mitsubishi UFC (BTMU)s head for Europe, Middle East and Africa, said earlier this week that the lender would apply for a banking license in August.

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