Halkbank Receives Authorization To Establish An İslamic Bank

Banking Regulation and Supervision Agency gave preliminary authorization to Halkbank for establishment of an islamic bank, known as "participation bank" in Turkey.

The announcement on the authorization appeared on the Offcial Gazette, citing that the founder partners of the participation bank would be Halkbank, Halk Yatırım Menkul Degerler, Halk Portfoy Yonetimi, Halk Finansal Kiralama, Bilesim Alternatif Dagitim Kanallari ve Odeme Sistemleri and the initial capital to be at 1 billion lira.

PRIVATISATION OF INSURANCE COMPANIES

The Privatization Administration of Turkey started the privatisation process of insurance companies owned by Halkbank, through another announcement appeared on the Official Gazette, on Monday.

The tender process started on Monday, regarding the sale of Halkbank's shares in its subsidiaries Halk Sigorta and Halk Hayat ve Emeklilik by block sale method, where the bids were to be received on April 24th, the latest.

GROWTH EXPECTATIONS OF HALKBANK

Halkbank said expecting 13-15 percent growth in assets, in a statement released to the Public Disclosure Platform on Monday, adding that the average annual growth in 2015-2018 period was seen to be at around 12-14 percent.

The growth in loans were expected to be at 16-18 percent and growth in deposits seen to be at 13-15 percent in 2015, while the bank set to open 40 to 50 new branches over the same period.

Halkbank'ın sees around 4.0 percent GDP growth and 6.0 consumer inflation in 2015. - Istanbul