The financial sector strengthens Turkey ‘s relations with the Arabs

0
91

Chairman of the Banking Regulatory and Supervision Authority Şahap Kavcıoğlu said, “The deep and rooted relations between Turkey and the Arab world are gaining strength through the banking and financial sectors, and this unity is getting stronger every day.”

Kavcıoğlu explained in his speech on Thursday during the opening of the International Arab Banking Summit, organized by the Union of Arab Banks in Istanbul under the patronage of President Recep Tayyip Erdogan, that the summit’s goal is to strengthen cooperation between Turkish and Arab financial institutions.

He emphasized the strength of the Turkish banking sector in terms of asset quality, capital structure, liquidity adequacy and profitability, and that it has overcome many difficult periods to become stronger and distinguish itself from other developing countries in terms of its performance.

He pointed out that the total assets managed by Arab countries in Turkey amount to 3.8 trillion Turkish liras, and this amount constitutes 14.7 percent of the total assets in the banking sector.

He pointed out that banks operating in Turkey have 8 branches in Bahrain, 7 in Iraq, 1 in Qatar, 1 in Somalia, 1 in Sudan, 1 in the Kingdom of Saudi Arabia, and a representative office in Egypt.

He stressed that the Turkish banking sector has increased its efficiency through investments in digital transformation and technological innovations, while demonstrating a more flexible structure in the face of economic difficulties by creating new business models.