JP Morgan official says foreign investors seek opportunities in Turkish banks
Date
10/23/2024 8:46:14 AM
(MENAFN) The valuation levels of Turkish banks remain appealing to foreign investors, driving significant interest in the Turkish banking sector, as highlighted by recent market activity. According to Gokhan Ozkan, an analyst at JP Morgan, this trend is evidenced by two notable transactions that occurred within the past four months: the sale of Rabobank Türkiye to Ronesans Holding and the acquisition of Odeabank, a subsidiary of Lebanon’s bank Audi in Türkiye.
Just last week, the Abu Dhabi-based sovereign wealth fund ADQ completed its acquisition of 96 percent of Odeabank's share capital, a move that Ozkan describes as indicative of the strengthening economic ties between Gulf states and Türkiye. He noted that the acquisition not only signifies a strategic alignment but also reflects mutual benefits for both regions. “The acquisition of Odeabank by ADQ signals confidence in the Turkish banking market’s compelling potential and a commitment to strengthening bilateral relations between the UAE and Türkiye,” Ozkan stated.
This growing partnership is not a new development; in 2022, ADQ collaborated with the Türkiye Wealth Fund (TWF) to launch a USD300 million investment fund specifically aimed at advancing emerging technologies and enhancing existing technologies in critical sectors. This initiative underscores a strategic commitment to fostering innovation and economic growth in Türkiye. Additionally, ADQ made significant strides in the Turkish market that year by acquiring the Birgi Mefar Group, a leading Turkish pharmaceutical company, which was subsequently integrated into Arcera, ADQ’s global life sciences holding company.
In 2023, ADQ further solidified its relationship with Türkiye by signing two memoranda of understanding, aimed at supporting the country’s economic development. These efforts highlight a broader trend of investment and cooperation between Gulf states and Türkiye, reflecting a shared vision for economic advancement and mutual growth opportunities. As foreign interest continues to grow in the Turkish banking sector, the stage is set for further collaboration and investment in the region.
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