Leading Turkish Isbank to open first branch in Bulgaria.

By bne IntelliNews December 2, 2010
Turkey's largest listed lender by assets Isbank will open its first branch in Bulgaria, Dnevnik daily reported. The bank will enter the Bulgarian market via its German unit Isbank GmbH, which has already received permission by the Bulgarian central bank to open a branch in the country. This will be the second attempt by Isbank to step on the Bulgarian market. A few years ago it planned to open a branch, but then the Bulgarian central bank insisted that the Turkish bank acquire a bank instead of opening a branch. Isbank managed assets of USD 86.4bn as of end-September, up 13.7 y/y. Its loan portfolio totalled USD 40.5bn at end-Sept, up 24% y/y, as the share of non-performing debts accounted for 4.6%. Deposits at the bank stood at USD 55.7bn. Isbank reported a net profit of USD 1.65bn for Jan-Sep. It operates a network of 1,135 branches in Turkey. In Europe, the bank is present in Germany, France, Switzerland and the Netherlandsand. Last month it bought Moskow-based Bank Sofia for USD 40mn. Isbank is 41.54% owned by Isbank Members Supplementary Pension Fund, 28.09% by the Republican Peoples Party and the remaining 30.37% are publicly traded.

Related Articles

EC urges Bulgaria to comply with EU rules on free movement of capital.

The EC has sent a reasoned opinion to Bulgaria over failure to comply with EU rules on the free movement of capital, the EC said on its website. The privatisation act in Bulgaria introduces ... more

Govt seeks delay of antitrust rules violation procedure against Bulgaria.

Bulgaria will be seeking an extension of the court procedure filed by the EC against the country over irregularities found in the assignment of digital broadcast spectrum, transport minister ... more

Bulgarians hold EUR 100mn in deposits in Cyprus.

Bulgarian individuals and companies hold EUR 100mn in Cypriot banks according to ECB data, BTA reported quoting Reuters. The largest EU depositors in the crisis-hit country are Greece with EUR ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335