Global finance firms have faith in Istanbul

ISTANBUL - Anatolia News Agency

Turkey’s location is key in making it a financial center says World Bank Turkey Director Raiser.

Representatives of the world’s leading financial companies have expressed their full confidence in Istanbul becoming a major global financial center.

Speaking at a meeting on turning Istanbul into an important center of finance, Director General of J.P. Morgan, Michael Marrese, said that London and New York were the world’s most important financial centers, but that Istanbul was a promising location.

“As J.P. Morgan, we believe that Istanbul is also an important financial center. We think that every step towards making Istanbul a major financial center is crucial,” Marrese noted. Among the world’s leading financial centers are London, New York, Tokyo, Frankfurt, Dubai, and Doha. Istanbul ranks 61st among the world’s financial centers, Marrese said.

Istanbul needs to compete with places like Doha and Dubai in order to become more prominent, Marrese said.

On the other hand, World Bank Turkey Director Martin Raiser said Turkey’s geographical position was key in making the country a more important financial center.

‘Istanbul Bourse’
Turkey’s current account deficit is rapidly decreasing and this is good news, and direct foreign investments will play an important role in increasing Istanbul’s profile as a financial center, Raiser added.

Meanwhile, speaking at the same meeting, Deputy Prime Minister Ali Babacan announced that the Istanbul Stock Exchange’s (İMKB) name would be changed to the Istanbul Bourse (İstanbul Borsa).