Turkish Isbank to extend loans to Bulgarian companies as well

“Coming to Bulgaria, our goal is not to extend credits to Turkish companies alone, but to boost Bulgarian businesses as well”, stated the senior management of the largest private Turkish bank Is Bankası at the opening of the first bank office in the country. It was registered as a branch of the German subsidiary division of Isbank GmbH under the so-called European passport, and thus a license from the Bulgarian National Bank was not required.

"There are 1,500 Turkish companies operating in the country. Most of them are our customers in Turkey and we know them. Staying in Turkey alone, we are not able to address fully their needs and now, by opening a branch in Sofia, we will better do this," said Chairman of the Supervisory Board of the Isbank GmbH Erdal Aral in response to the question of Klassa daily. In Bulgaria, the financial institution will operate both in the fields of the corporate and retail banking and will expect investments by citizens and companies. “Transportation, tourism, energy and construction are the priority sectors for funding, but all the initiatives of European, local and Turkish entrepreneurs in the country will be considered as well,” explained the managers. This is the 16th branch of Isbank GmbH in Europe and the first one on the Balkans.

"According to our expectations, economic growth in Bulgaria will be very modest next year, because of the problems in the EU. The forecasts for our growth are similar, despite that Turkey seems in more favourable position. This year, the expected growth is 10%, but it will slow to 4-5% in 2012. I do not think it is appropriate to quote the specific figure for Sofia, but it will be lower than that of Turkey, " said Aral. "We are interested in the state of the Bulgarian economy, but we will mostly focus on the trade turnover between the two countries. In 2010, it was $ 3 bn,” he was clear. The bank holds about 20% share in the Bulgarian-Turkish trade relations and has the ambition to increase it.

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