| Hakan Binbasigil, CEO of private lender Akbank, announced that the lender targets to increase its loan volume to TRY 160bn (EUR 67bn) and its total assets to TRY 250bn in three years. Please note that Akbanks consolidated total loans increased by 24.2% y/y to TRY 92.4bn as of end-2012 compared to TRY 74.4bn as of end-2011; total assets increased by 16.8% y/y to TRY 163.5bn at end-2012 compared to TRY 139.9bn at end-2011. The lender also plans to open 50 new branches and to hire 400-500 new personnel this year, according to Binbasigil. On a separate note, Bloomberg reported by quoting three unnamed people with the knowledge of the deal saying that Akbank seeks to refinance a USD 1.2bn debt with the aim of reducing its cost. |
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