Audi all set for Turkey

Turkey’s financial market grabs interest of Arab banks

Bank Audi has almost completed preparations for breaking into the Turkish market, according to the bank’s chief financial officer, Freddie Baz. Baz said that the bank will open its first branch in September, as planned. He said that the bank has already chosen a Turkish name and decided on the general manager. Bank Audi will start its operation in Turkey with a capital of around $300 million. According to Baz, other Arab banks are also interested in catering for Turkey’s financial sector. “We have always been followed by other Arab banks whenever we have penetrated a new market, including Saudi Arabia, Qatar, and Egypt,” he said. In October 2011, Bank Audi became the first non-Turkish bank to receive a license to operate in Turkey in 11 years. Baz said that Turkey is one of the top competitive markets, indicating that Bank Audi will introduce new products to Turkish customers.