Dutch Rabobank receives green light to operate in Turkey

ANKARA

Rabobank figures among the world’s 50 safest banks chosen by Global Finance magazine.

Turkey’s banking watchdog has granted an operation license to the Dutch Rabobank group, paving the way for the lender’s entrance into the Turkish banking sector.

The Banking Regulation and Supervision Agency (BDDK) has permitted the Rabobank group to establish a deposit bank, according to a decision published in the Official Gazette on Sept. 9.

The watchdog approved the establishment of the lender, which will have the Dutch group as the controlling shareholder, in August 2013.

Rabobank will control 96 percent of the bank that will have an initial capital of $300 million (575 million Turkish Liras).

Ranked 26th in The Banker magazine’s list of the world’s 1,000 largest banks, Rabobank also figures among the world’s 50 safest banks chosen by Global Finance magazine.

Another Dutch banking group, ING, bought Oyakbank from Turkey’s military pension fund in 2007 and started operating under its own name in 2008.