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.

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