With a green light from the EU and the successful economic reform programme of the past three years, particularly bank reform, Turkey is climbing up the ranks of attractive destination countries for foreign capital, including investments in the country's banks. At the beginning of this year, foreigners had control of 7% of Turkish banking - the largest foreign financial institution arising from HSBC Bank's 2001 purchase of Demirbank - but that percentage is changing fast. So far this year: 1. UniCredito and Koc Holding have teamed up to buy a controlling interest in Yapi Kredi Bankasi (YKB) from troubled Cukurova Holding; 2. BNP Paribas bought 50% of the private controlling interest in Tuerk Ekonomi Bankasi (TEB) (ranked number 10) for $216.8m, which also bought it a 50% stake in the Turkish bank's insurance, factoring, brokerage services and leasing companies; 3. Rabobank of Holland will reportedly complete purchase of 50% of midsized Sekerbank in May. The Ankara-based bank has 180 branches, 2849 employees and assets valued at $1.8bn.
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