Akbank, Mizuho Bank sign cooperation deal

ISTANBUL - Reuters

Akbank International Banking Head Kefeli, Akbank GM Binbaşgil, Mizuho EMEA Head Narikawa and Mizuho Executive Board member Kuraishi (left to right). Company photo

Turkey’s Akbank and Japan’s Mizuho Corporate Bank have signed a cooperation agreement for joint projects and financing mergers and acquisitions between the two countries, Akbank said yesterday in a written statement.

Two banks to provide banking services
The two banks will provide commercial and investment banking services to Japanese companies operating and investing in Turkey and which are involved in commercial activity with Turkish companies, Akbank said. The services that the banks will provide will also include money transfers in Turkish Liras and foreign currencies, loans, foreign trade and project financing.

“Japanese companies are expected to make significant investments in big infrastructure projects, new power plants, and renewable energy in the coming years,” Akbank General Manager Hakan Binbaşgil said yesterday.

Mizuho Corporate Bank, one of Japan’s largest banks with $1.9 trillion worth of assets, opened its first liaison office in Turkey in February. Akbank is partly owned by Citigroup, and Mizuho Corporate Bank is a unit of the Mizuho Financial Group.