Regulator gives permission for new bank

ANKARA

Turkey’s banking sector regulator BDDK has approved the establishment of a new investment and development bank, named Golden Global Yatırım Bankası.

The capital of the new bank will be 150 million Turkish Liras ($25 million), the BDDK said in a statement.

There are currently 13 investment and development banks in Turkey, according to the latest issue of the regulator’s monthly report on the local banking industry.

There were 53 banks in Turkey (34 deposit banks, 13 development and investment banks, and six participation banks) as of end-March, the report said.

Those 13 development and investment banks had a total of 57 branches as of end-March, up from 50 outlets a year ago and 54 branches at the end of 2018. Their combined workforce was 5,327 personnel.

Data from the banking regulator showed that total assets of the development and investment banks stood at 284.6 billion liras in the first quarter of this year, while loans extended by those financial institutions stood at 203 billion liras.

Their combined profits amounted to 1.32 billion liras.