Rich from Mideast revive Turkish banks

Hülya Güler - SINGAPORE / Hürriyet

Akbank’s private banking chief Saltık Galatalı (L) receives a prize from Yuri Bender, the editor-in-chief of the sector magazine, The Banker. Hürriyet photo

Some $770 million flowed into Turkey’s private banking sector in the last year alone, said Saltık Galatalı, the private banking head of Turkish lender Akbank.

The money came largely from Middle Eastern and developing Far Eastern countries, the very same sources interested in Turkey’s real estate sector, which is increasing thanks to a recently enacted regulation that facilitated foreigners’ access to the local market.

Citizens of Middle Eastern countries, particularly Dubai and Qatar, are very willing to acquire property in Turkey, Galatalı said in Singapore, where he received the “Best Private Bank in Turkey”
award on behalf of Akbank from The Banker, a leading global financial publication.

“We have many customers from those countries who want to invest their money in financial tools via Turkish financial institutions,” he said. “Some are so eager that they want to purchase new projects in blocks. They bring their savings to Turkey as they buy our services in property acquisitions.”

Dubai expansion

Akbank opened a private banking office at the beginning of the year in Dubai to tap into the potential in the region, he said, adding that Akbank Private Banking aims to reach an asset size of 1 billion Turkish Liras in the region.

“There is also a great interest toward Turkey’s sukuk issuances in the region. We will be active in this area, too,” he said.