The Financial Services Sector in Turkey · A. Turkish Financial Services 5-49 i. An Overview of...

Investment Support and Promotion Agency of Turkey

The Financial Services Sector in Turkey

1

December 2015

Investment Support and Promotion Agency of Turkey 2

Glossary of Terms

Acronym Definition

ATM Automated Teller Machine

AUM Assets Under Management

BIST Borsa Istanbul

BKM Interbank Card Center

BRSA Banking Regulation and Supervision Agency

CAGR Compound Annual Growth Rate

CAR Capital Adequacy Ratio

CBRT Central Bank of the Republic of Turkey

CEO Chief Executive Officer

CMB Capital Markets Board of Turkey

CRD Capital Requirements Directive

EBRD European Bank of Reconstruction and Development

EGM Pension Monitoring Center

EIU Economist Intelligence Unit

EU European Union

FCI Factors Chain International

FDI Foreign Direct Investment

FİDER Turkish Leasing Agency

GDP Gross Domestic Product

HATMER Life Insurance Information and Monitoring Center

Acronym Definition

HAYMER Insurance Claims Follow-up and Monitoring System

IMF International Monetary Fund

N/D No Data

NPL Non-Performing Loan

O/N Overnight

OECD Organization for Economic Cooperation and Development

Q Quarter

ROA Return on Assets

ROE Return on Equity

SAGMER Health Insurance Information and Monitoring Center

SME Small and Medium Enterprises

TBB Turkish Bank Association

TL Turkish Lira

TSRB Insurance Association of Turkey

TSPAKB The Association of Capital Market Intermediary Institutions of Turkey


Table of Contents

Executive Summary 4

A. Turkish Financial Services 5-49

i. An Overview of Turkish Financial Industry

ii. The Banking Sector in Turkey

iii. Insurance and Pension Funds in Turkey

iv. Financial Leasing in Turkey

v. Factoring in Turkey

vi. Consumer Financing in Turkey

B. An Overview of the Turkish Capital Markets 50-54

i. Borsa Istanbul

ii. Brokerage Firms

C. Turkey’s Competitive Landscape 55-68

i. Turkey’s Macroeconomic Outlook

ii. Favorable Demographics

iii. Skilled and Cost-Competitive Labor Force

iv. Investment Environment & Stakeholders

v. Geostrategic Location


The Turkish financial sector proved resilient during the global financial turmoil in 2009 as well as the ensuing economic crisis thanks to the regulatory reforms and structural overhaul that the government implemented in the wake of the country’s own financial meltdown in the early 2000’s. In fact, the reforms in the sector boosted investor confidence so much that financial services has become the preferred sector for FDI, attracting over USD 48 billion during the past 14 years.

Banking dominates the Turkish financial sector, accounting for over 70 percent of overall financial services, while insurance services and other financial activities also show significant growth potential. Turkey’s banking sector is comprised of 34 deposit banks, 13 development and investment banks, and 5 participation banks, with 21 of them holding significant foreign capital.

An expanding loan base and favorable liquidity conditions contribute to the healthy growth of Turkey’s financial services. The sector enjoys a leading position in the world with an ever-growing asset size and strong equity structure protecting it against shocks that may arise from loans or turbulent market conditions.

The Turkish insurance market is still underpenetrated (1.4% of GDP) compared to peer countries and will provide significant potential as new insurers set up shop and acquire a share of the relatively untapped Turkish market. Turkey has seen strong economic growth fueled in part by a young and dynamic population that is increasingly in need of financial products and services.

4

Executive Summary

A key driver of the Turkish financial sector has been its robust economy with a bright future. Over the past 13 years, Turkish economy has been growing with an average annual real GDP growth rate of approximately 5 per cent and the growth momentum is expected to continue. Turkey’s sizeable and diversified economy has achieved remarkable growth and became 17th largest economy in the world as of 2014. (GDP; PPP)

Turkey’s economic growth has resulted in income growth and a growing robust middle class with increasing purchasing power.

As Turkish economy has expanded, it has integrated with the global economy with a staggering increase in its volume of international transactions. Such developments have further stimulated economic activity, thus expanded financial activities.

Turkey has also set specific economic targets to achieve by 2023, the centennial of the Republic. One of these targets is to transform Istanbul into a prominent financial center. Turkey’s large and young population, qualified labor force and rapidly developing markets along with its geo-strategic location makes Istanbul an ideal candidate for a international financial hub. Since, the government launched the project for Istanbul Financial Center, Istanbul has rapidly made progress and is now considering among emerging financial centers in the world.

Investment Support and Promotion Agency of Turkey ©2014 Deloitte Turkey. Member of Deloitte Touche Tohmatsu Limited

A. Turkish Financial Services

i. Overview of the Turkish Financial Industry

ii. The Banking Sector in Turkey

iii. Insurance and Pension Funds in Turkey

iv. Financial Leasing in Turkey

v. Factoring in Turkey

vi. Consumer Financing in Turkey

5


Major milestones in Financial Services Industry of Turkey

6

1982-2000 2001-2006

Personal Pension Savings and Investment System Law

Banking Act, Law No. 5411

Regulation on Measurement and Evaluation of Capital Adequacy of Banks

Mortgage Law, Official Gazette No. 26454

Implementation of Basel II standards in Turkey

Record profitability of the banking sector in Turkey

Law No. 6361 regarding Financial Leasing, Factoring and Financial Institutions

Establishment of Insurance Information and Monitoring Center - TRAMER, SAGMER, HATMER, HAYMER

All local or foreign insurance , reinsurance and pension companies operating in Turkey are members of the Insurance Association of Turkey

New Capital Market Law No. 6362

2007-2012 2013-…

Capital Market Law

Istanbul Stock Exchange (ISE) Market opens

Banking Regulation And Supervision Agency (BRSA) founded

Consolidation of the Market from 100 Banks to 49 Banks

Takasbank is Authorized by CMB as the National Numbering Agency of Turkey

Start of internet banking services

Source: BRSA, CMB

Milestones of Turkey’s Financial Services Industry

Establishment of Borsa Istanbul A.Ş. with Law No. 6362

Implementation of Basel III standards in Turkey

State-owned banks opened up participation banks


Turkish financial sector, led by banking, has been rapidly growing while attracting tremendous amount of foreign direct investment (FDI)

0

500

1.000

1.500

2.000

2.500

3.000

2008 2009 2010 2011 2012 2013 2014

Banking

Central Bank

Insurance and Private

Pension

Other*

Source: BRSA • Other includes :BIST capitalization, securities, consumer finance, real estate investments, investment trusts, asset management and venture capital investment trust assets, rounded

CAGR 2008-2014

18%

22%

Asset Size of Turkey’s Financial Sector

CAGR 19%

TL B

illio

n

Share 2014

74%

14%

3%

9%

Source: CBRT * As of Oct 2015, **Activities of Holding Companies and Other Activities Auxiliary to Financial Services

2,5

TOTAL: $47,8 Billion

FDI into Turkish Financial Sector (Cumulative Value of Flows in $ Billion, 2002-2015*)

Banking: 37,6

Others**

20%

0%


0

4

8

12

16

20

0

200

400

600

800

1000

1200

Value ($ Million) Number (RHS)

8

Turkish financial sector has been a magnet attracting significant amount of FDI..

Greenfield FDI projects in Financial Services

Source: fDi Market

-2

2

6

10

14

18

22

0

3000

6000

9000

Value ($ Million) Number (RHS)

M&As by foreign companies in Financial Services

Source: E&Y, Deloitte

“The Turkish banking industry is highly developed and competitive, in our segment in particular. Returns are important but for us the importance is mainly in its growth potential, the strategic location and export potential"

Sipko Schat Executive board member responsible, Commercial banking, Rabobank. Rabobank obtained banking license from Turkish authorities in 2013 with an initial capital investment of $300 million.

Oliver Bäte, Member of the board of management of Allianz SE. Allianz acquired 94% of YapıKredi Sigorta’s shares for USD 880 million and 80% of YapıKredi Bank’s pension business, YapıKredi Emeklilik, in March 2013.

“Turkey is one of the fastest growing insurance markets worldwide, supported by a robust economic outlook and a large, young population. The transaction with Yapı Kredi is a unique opportunity to move into a market-leading position in one of Europe’s key growth markets which is also an important bridge between Europe and Middle East/Central Asia. This transaction fits perfectly into Allianz’s strategy to use bolt-on acquisitions to strengthen its position in growth markets.”


Turkey’s foreign trade in financial & insurance services has significantly increased in recent year..

2,4

3,2

4,0

3,2 3,2

3,9 3,9

4,8

5,6

0

1

2

3

4

5

6

2006 2007 2008 2009 2010 2011 2012 2013 2014

Export Import

Turkey’s Foreign Trade in Financial & Insurance Services ($ Billion)

Source: CBRT

1,6

2,2 2,2

1,9 2,0 2,1 2,2

2,7 2,9

0

0,5

1

1,5

2

2,5

3

2006 2007 2008 2009 2010 2011 2012 2013 2014

Export Import

Turkey’s Foreign Trade in Insurance & Pension Services ($ Billion)

0,8

1,0

1,8

1,3 1,2

1,8 1,7

2,1

2,7

0

0,5

1

1,5

2

2,5

3

2006 2007 2008 2009 2010 2011 2012 2013 2014

Export Import

Turkey’s Foreign Trade in Financial Services ($ Billion)


174

40

177

317

60

7

67

111

Deposits/GDP Housing

Loans/GDP

Loans/GDP Assets/GDP

EA

Turkey

• After the crisis in 2001, the Turkish banking sector was strengthened and became one of the strongests in Europe.

• Turkey enjoys strong asset growth with a stunning CAGR 19%,with a remarkable increase in the total assets to GDP ratio from 63% in 2005 to 114% in 2014. Despite that, Turkish banking sector is still unsaturated when compared with the Euro Area.

• State-owned bank Ziraat is the leader in terms of total assets with TL 271 billion, followed by İş Bank with TL 253 billion..

10

The banking sector’s asset size grew to more than TL 2.2 trillion in June 2015.

63%

114%

0%

20%

40%

60%

80%

100%

120%

0

400

800

1200

1600

2000

2400

Total Assets Total Assets/GDP

TL B

illio

n

Source: BRSA * As of June 2015

Total Asset Size for the Banking Sector in Turkey Banking sector – comparison with Euro Area (2013)

TL Billion

Source: European Banking Federation,

BankingInsurance and

PensionLeasing Factoring

Consumer

Financing

201

219

231

253

271

0 100 200 300

YapıKredi Bank

Akbank

Garanti Bank

İş Bank

Ziraat Bank

Top 5 Turkish Banks by Asset Size June 2015*

Source: TBB * Non-consolidated balance sheet


• The first Islamic banking applications in Turkey started in mid 1980’s. Albaraka Türk Finans Kurumu A.Ş. and Faisal Finans Kurumu A.Ş. (known today as Türkiye Finans Katılım Bankası) were the first institutions that followed Islamic banking principles. In 2005, these institutions were named participation banks and were allowed to conduct banking activities under the scope of Islamic principles. Participation bank numbers in Turkey increased to five when Asya Katılım Bank, Kuveyt Türk Katılım Bank and Ziraat started their operations.

• The total asset size of participation banks was more than TL 113 billion in May 2015, growing at an impressive CAGR of 28% since 2005. The share of participation banks in banking sector assets increased from 2.4 % in 2005 to 5.2% in 2015.

11

The total asset size of participation banks was more than TL 113 billion as of May 2015.

2,4%

5,2%

-1%

0%

1%

2%

3%

4%

5%

0

20

40

60

80

100

120

Participation Bank Asset Size

Participation Banks' Asset/Total Assets

TL B

illio

n

Asset Growth of Participation Banks Lending Growth of Participation Banks

4,21%

5,40%

0%

1%

2%

3%

4%

5%

6%

0

20

40

60

80

Total Loans

Participation Banks' Loan/Total Loan

TL b

illio

n



Consumer

Financing

Source: TKBB * As of May 2015


38% 32%

58%

48%

4%

20%

0%

20%

40%

60%

80%

100%

2004 Sep-2015

State Private Turkish Shareholders Foreign Shareholders

12

Through the years, Turkish banking sector has attracted many foreign investors in a marked increase of foreign ownership assets

Distribution of Banking Assets by Ownership

• As of September 2015, 32% of the banking assets were owned by public banks, 48% by private banks, 20% by foreign banks.

• The share of foreign banks in total assets increased from just 4% in 2004 to 20% in 2015 while the share of state owned bank decreased to 32% from 38%.

• As of July 2015, there were 52 banks in Turkey. There are a total of 34 savings banks, 13 development and investment banks and 5 participation banks.

• 5 of the deposit banks are state owned banks, namely, Ziraat Bankası, Halk Bankası, Vakıflar Bankası, Adabank and Birleşik Fon Bankası.

• Additionally, there are 4 state owned development and investment banks, namely, İller Bankası, Takasbank, Türkiye İhracat Kredi Bankası and Türkiye Kalkınma Bankası

Source: CBRT, BRSA

Type of Banks, July 2015



Consumer

Financing

52

5

13

34

52

0 20 40 60 80 100

Total

Participation Banks

Dev. & Inv Banks

Deposit Banks


Turkey was effected slightly by the global economic crisis and loan expansion continued to grow.

Banking Sector Loan-Deposit Growth

Source: BRSA

TL B

illio

n

• Turkey’s loan to deposit ratio, which measures the liquidity of banks, has been increasing since 2009 and reached 118% in 2014.

• Total loans increased by a stunning CAGR of 22% between 2008 and 2014.



Consumer

Financing

0

400

800

1.200

1.600

2.000

2008 2009 2010 2011 2012 2013 2014

Assets Deposits Loans


Total loans increased in the double digits surpassing TL 1,625 billion

Development of Non-Cash and Cash Loans in Turkey

0

400

800

1.200

1.600

Cash Loans Non-cash Loans

TL B

illio

n

• Cash and non-cash loans increased at a of CAGR 23% from 2006 to 2014. Non-cash loans surpassed TL 384 billion as of end 2014, while cash loans were more than TL 1,241 billion.

• SMEs are the backbone of the Turkish economy. Turkish banks started funding SMEs at an increased rate from 2006. Total SME loan amounts increased at a CAGR of 24% during this period with more than TL 332 billion in 2014.

CAGR 23%

0

50

100

150

200

250

300

350

Total Loans Extended to Medium Size Enterprises

Total Loans Extended to Micro Enterprises

Total Loans Extended to Small Enterprises

TL B

illio

n

Total SME Loans



Consumer

Financing

Source: BRSA, Note: SME is defined by BRSA as an entity that employs less than 250 workers and has TL 40 million or less total net sales or balance sheet size

CAGR 24%


Banks’ improved risk management decreased the NPL ratio to less than 3%.

21%

27%

0%

5%

10%

15%

20%

25%

30%

0

200

400

600

800

1.000

1.200

1.400

2009 2010 2011 2012 2013 2014

Total Cash Loans SME Loans/ Total Cash Loans

TL b

illio

n

Source: BRSA

Loan Breakdown in Turkey

• The total percentage of SME loans to total cash loans in Turkish banks increased to 27% in 2014 from 21% in 2009.

• Turkish banks have been affected slightly by the global economic crisis of 2009, and were able to maintain low levels of NPL ratios. The NPL ratio of Turkish banks decreased to 2.85% as of end 2014. The main reason for this decrease was due to the comprehensive risk management framework applied by the banks.

5,27%

2,85%

0%

1%

2%

3%

4%

5%

6%

2009 2010 2011 2012 2013 2014

NPL Ratio in Banking

Source: BRSA Note: Non-Performing Loans/Total Loans



Consumer

Financing


New products offered by banks increased the amount of consumer loans.

0

50

100

150

200

250

300

350

400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Vehicle Loans

Credit Card

Risk

Consumer &

other Loans

Mortgage

Loans

Consumer Loan Breakdown by Type of Loan

TL b

illio

n

Source: BRSA

• Total consumer loans increased substantially with a CAGR of 33% from 2005 to 2014 exceeding TL 355 billion.

• The increase in different loan product categories offered by banks supported the increase in consumer loans. Within this scope, the introduction of mortgage loans, which constitute more than 35% of total consumer loans, reached to more than TL 125 billion with a CAGR of 28% from 2005 to 2014.



Consumer

Financing

CAGR 33%


• Since July 2012, Turkey has begun fully implementing Basel II standard of credit risk assessment.

• The technical requirements for Basel III are also significant. The Basel III accords aim to strengthen the capital base of the banking sector, enhance risk coverage, introduce an overall leverage ratio and global liquidity risk standards and deal with procyclicality.

• The new total capital ratio is set at 10.5% consisting of 4.5% for common equity and 6% for Tier 1 capital for Basel III.

• After Basel III, banks will maintain cash-like assets in the short term to adjust their liquidity ratios. Furthermore, Basel III requires that banks report their liquidity metrics on a daily basis.

17

Turkey is fully committed to Basel III standards…

• The Turkish banking sector has capital adequacy ratios (CAR) above the regulator limits of BRSA, which was 12%. Moreover, Turkey’s CAR exceeds that of Basel II, which was 8% and Basel III, which will gradually increase each year and will be set at a total capital ratio of 10.5% by January 2019.

8%

0% 10% 20%

Basel II

Basel III10.5%

0%

3%

0% 5% 10%

Basel II

Basel III

Total Capital Leverage

Source: Deloitte Analysis

250 bps

300 bps



Consumer

Financing

23,7 26

15,3

4

8

12

16

20

24

28

Capital Adequacy Ratio in Turkey (%)

Legal Limit: 8%

Target: 12%

Source: BRSA, * as of Oct


• Savings banks in Turkey had a CAR level of 14.9%, while participation banks and development and investment banks had 14.1% and 31.3% capital adequacy ratios, respectively.

• Despite the global economic crisis and the Eurozone crisis, the high capital adequacy ratio of Turkish banks allowed them to achieve strong financial statements. Hence, Turkish banks were only slightly effected by both crises. Moreover, Turkish banks are already prepared to meet the new capital requirements of Basel III.

• The Basel Consensus has a place in the EU legal acquis under the scope of financial services. The EU aims to create compliance of the Basel Consensus with the Capital Adequacy IV (CRD-IV) package. The abovementioned package was put into force on 1 January 2014 and consists of 2013/36/EU Directive and (EU) 575/2013 legislation. Turkey is in accordance with the EU regarding the calendar for the implementation of the aforementioned standards.

18

…and has even implemented a higher CAR than those set by Basel III regulation.

Source: BRSA, as of March

17,7% 14,9%

15,1% 14,1%

58,7%

31,3%

5%

15%

25%

35%

45%

55%

65%

2010 2011 2012 2013 2014 2015*

Deposit Participation Dev & Inv

Capital Adequacy Standard Ratio



Consumer

Financing


20,2

24,6

0

5

10

15

20

25

30

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014

Interest Income

Interest Expense

Non-Interest Income (Expense)

Net Profit (RHS)

19

The solid capital structure of Turkish banks allowed the sector to enjoy high profits.

12%

12%

12%

12%

13%

14%

14%

13%

15%

14%

4%

6%

8%

10%

12%

14%

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Fees, Commissions and Banking Services Income/Total Income (Percentage)

• The strong growth in the Turkish banking sector was also reflected in its profits exceeding TL 24 billion in 2014.

• The total interest income, which includes interest received from loans given, interest received from required reserves, interest received from other banks and interest received from money market transactions increased over TL 139 billion.

• The banking sector not only benefits from increased income from interest but also from fees collected from other banking activities. The share from fees, commissions and banking services is around 14%

Source: BRSA

TL B

illio

n T

L B

illion

Banking Sector Profit



Consumer

Financing


The sector grew as a result of its strong asset quality and was able to maintain high profits.

-1%

1%

2%

4%

2008 2009 2010 2011 2012 2013 2014

UK

USA

France

Poland

Russia

Turkey

ROA Country Comparison

Source: IMF Financial Soundness Indicators *The latest data available on France was from December 2013, UK was from June 2014 and for Poland was from September 2014. Note: Numerator was annualized net income before extraordinary items and taxes, from the beginning of the year until the reporting month. Denominator was an average value of total assets (financial and nonfinancial) over the same period.

-2%

8%

18%

28%

2008 2009 2010 2011 2012 2013 2014

ROE Country Comparison

• The Turkish banking sector’s return on asset (ROA) ratio was stronger than that of banks in major financial centers as well as Eastern European countries. In 2014, ROA was 1.69% in Turkey.

• Moreover, return on equity was, again, well above that of the USA and Europe with 14.7% in 2014.



Consumer

Financing


Turkey’s growing banking sector also resulted in the increase in the number of bank branches.

Total Number of Bank Branches in Turkey Including Foreign Branches, 2006-2014

7.204

11.986

20,9

17,9

17

18

18

19

19

20

20

21

21

7.000

8.000

9.000

10.000

11.000

12.000

2006

2007

2008

2009

2010

2011

2012

2013

2014

# of Branch Employee per Branch (RHS)

Source: BRSA

• The total number of branches increased at a CAGR of 7% between 2006 and 2014.

• The highest number of branches belongs to commercial banks, followed by participation banks and development banks.

• The per branch employee number decreased as a result of the increasing trend towards centralization of branch operations as well as the increase in automated functions.

21970

45576

0

10.000

20.000

30.000

40.000

50.000

2008 2009 2010 2011 2012 2013 2014

Development of Cashpoints (ATMs) in Turkey, 2008-2014 • The development of the banking sector over

recent years has affected the usage of cashpoints. As of end 2014, there were a total of 45,576 ATM cashpoints in Turkey.

• Between 2008 and 2014, the number of ATMs grew at a CAGR of 11%.

Source: BKM



Consumer

Financing


Banks also started focusing on alternative technologies that provide low cost and faster transaction services.

0

500

1.000

1.500

2.000

2.500

3.000

Cash

Transfers

Investments

Payments

Credit Cards

Other

0

50

100

150

200

250

2011 2012 2013 2014

Cash

Transfers

Investments

Credit Cards

Payments

Other

Internet Banking Transaction Values Mobile Banking Transaction Values

Source: TBB

• The internet banking transaction value increased CAGR 22% between 2008 and 2014. Cash transfers had the lions’ share in total internet banking transactions with 70% and increased impressively by a CAGR of 25% from 2008 to 2014. Notwithstanding the large share from cash transfers, the fastest growth was observed in payments with a staggering growth performance.

• The mobile banking transaction values tripled annually since 2011 and exceeded 200 billioonin 2014. It is noteworthy to mention the development of mobile phone users and the number of 3G phone subscribers. In 2014, the number of 3G phone subscribers increased by 20% exceeding 58.0 million. According to BMI, this figure is expected to reach 70 million by 2017.

TL B

illio

n

TL M

illio

n

Source: TBB



Consumer

Financing


Transactions for both credit and debit cards have increased significantly.

0

20

40

60

0

100

200

300

400

500

2009 2010 2011 2012 2013 2014

Transaction Volume

Total Number of Credit Cards (RHS)

Development of Credit Cards and Transaction Volume, 2008-2014

• Turkey’s vibrant and growing economy had a positive impact on the development of credit and debit cards, providing significant potential for banks.

• The number of credit cards in Turkey increased at a CAGR of 5% between 2008 and 2014. And, a staggering CAGR of 17% was realized during this time in transaction volume reaching TL 474 billion in 2014.

• The rapid development was also observed for debit cards. In 2014, transaction volume reached TL 418 billion and the CAGR since 2008 was 18%.

0

50

100

150

0

100

200

300

400

500

2008 2009 2010 2011 2012 2013 2014

Transaction Volume

Total Number of Debit Cards (secondary axis)

Development of Debit Cards and Transaction Volume, 2008-2014

TL B

illio

n

Source: BKM

Source: BKM

TL B

illio

n

Millio

n

Millio

n



Consumer

Financing


A Success Story: Odea Bank

Source: Odea Bank

"We hope to become one of the biggest banks in Turkey by 2017. Since our entrance into the Turkish market in 2012, the Turkish economy remained stable and showed significant growth despite the global economic environment. The reforms made by the government and the Banking Regulation and Supervision Agency (BRSA) enhanced our performance."

Hüseyin Özkaya, Director General of Odea Bank, July 2013

• Odea Bank started its operations in Turkey in October 2012. Odea Bank is the first bank to receive a banking license in Turkey in the last 15 years.

• The bank had a very rapid growth and by end 2014, Odea Bank’s total assets increased to TL 25.6 billion with 50% annual growth. The bank was ranked 15th among 45 banks (excluding participation banks) in Turkey.

• 91.4% of the bank’s shares are owned by Bank Audi, a Lebanese group, which has banking operations in 11 countries in the region.



Consumer

Financing


Financial Services Sector: Selected Players

Source: ISO 500

Akbank

• Established in 1948 in Adana for cotton growers, Akbank is owned by Sabancı Holding and other shareholders

• Akbank provides consumer, commercial, SME, corporate and private banking services as well as foreign exchange, foreign trade financing and treasury transactions.

• The bank’s total assets reached approximately TL 220 billion as of March 2015.

Iş Bank

• Iş Bank was established in 1924 and is Turkey’s largest private bank.

• The bank’s shares are held by the Işbank Pension Fund, the Republican People’s Party and 32% of the shares were open to public.

• Iş Bank’s total assets were TL 253 billion for the first quarter of 2015.

• Iş Bank’s products and services include retail, corporate banking and capital market operations and other financial services such as private pensions, insurance, asset management, leasing and factoring.

Ziraat Bank

• Homeland Funds, the origin of Ziraat Bank, was founded in 1863 to support farmers and agricultural development.

• The Republic of Turkey Prime Ministry Under secretariat of the Treasury is the sole owner of Ziraat Bank.

• Ziraat Bank is the largest bank in Turkey and has the most extensive network.

• Ziraat Bank’s total assets reached TL 271 billion as of March 2015.

Garanti Bank

• Founded in 1946, Garanti is Turkey’s second largest private bank with total assets worth TL 231 billion as of March 2015.

• Garanti is controlled by the Spanish bank BBVA, with Doğuş Holding having the minority shares.

• Garanti provides integrated financial services in every segment of banking and has subsidiaries for pension, life insurance, factoring, leasing, brokerage and asset management on both national and international levels.



Consumer

Financing


Participation Banks: Selected Players

Source: ISO 500

Türkiye Finans

• Türkiye Finans was established in 1991 following the merger of the companies Family Finans and Anadolu Finans.

• It operates in credit intermediation and related activities.

• Türkiye Finans had assets worth TL 33.5 by the end of 2014.

• The bank has retail, commercial and SME banking services for both national and international customers.

Kuveyt Türk

• Kuveyt Türk started its activities in 1989.

• It is owned by Kuwait Finance House, the Public Institution for Social Security of Kuwait, the Turkish Directorate General of Foundations and the Islamic Development Bank.

• Kuveyt Türk’s total assets were TL 34 billion in 2014.

• The bank’s main products are current and participation accounts, investment and saving accounts and leasing.

Albaraka

• Established in 1984 by Albaraka Banking Group, Islamic Development Bank and other investors; it is a pioneer in participation banking in Turkey.

• Albaraka had TL 23.0 billion of total assets as of end 2014.

• Albaraka Türk offers its customers participation accounts, personal and corporate finance, leasing and project-based profit and loss sharing services.



Consumer

Financing


The premiums to GDP ratio in Turkey is low, demonstrating potential for growth in the future years.

Total Premiums as a Percentage of GDP, Country Comparison, 2014

Source: Swiss Re, Sigma, World Insurance in 2014

8,6%

6,5%

5,1%

3,9%

3,5%

3,3%

3,2%

2,1%

1,8%

1,4%

Italy

Germany

Spain

Brazil

Czech Republic

India

China

Bulgaria

Ukraine

Turkey

1,29% 1,28% 1,33% 1,40%

1,55% 1,40%

0,00%

0,50%

1,00%

1,50%

2009 2010 2011 2012 2013 2014

• Turkey’s total premiums as a percentage of GDP is 1.4%.

• The insurance market is still underpenetrated compared to peer countries and will provide significant potential as new insurers set up shop and acquire a share of the relatively untapped Turkish market. Turkey has seen strong economic growth fueled in part by a young and dynamic population that is increasingly in need of financial products and services.

Total Premium Growth as a Percentage of GDP in Turkey



Consumer

Financing


Turkey’s insurance sector asset size grew at a CAGR of 20% between 2008 and 2014.

• There are a total of 63 insurance and retirement pension companies in Turkey of which 38 are non-life insurance companies, 5 life insurance and 19 pension companies and 1 reassurance company as of 2014.

13 17 21 25 32 38

51 13

15 14

16

19 24

28

0

20

40

60

80

2008 2009 2010 2011 2012 2013 2014Non-Life Insurance Companies

Life Insurance and Pension Companies

TL B

illio

n

Asset Size of Turkey’s Insurance Sector

• Total asset size increased at a CAGR of 20% between 2008 and 2014 in the non-life and life insurance sector surpassing TL 79 billion in 2014.

Source: TSB

• The asset size of non-life insurance increased a stunning CAGR 25%, while the asset size of life insurance and pension companies also reported a significant increase of a CAGR of 14% during the same period.

0

5

10

15

20

25

Life Non-Life

2009 2010 2011 2012 2013 2014T

L B

illio

n

CAGR 12%

CAGR 16%

Growth of Premiums in Turkey

Source: TSB

• Life insurance premiums grew at CAGR of 12% between 2009 and 2014 to over TL 3,200 million, while non-life insurance grew at a CAGR of 17% exceeding TL 22,700 million.



Consumer

Financing


The premiums grew in every business line of insurance between 2009 and 2014.

1,4

1,8

1,9

1,4

0,9

2,7

2,2

1,6

2,2

2,0

1,7

1,0

3,1

2,5

1,9

2,7

2,3

2,0

1,5

3,8

3,0

2,0

2,7

2,6

2,2

1,7

4,5

3,9

20,8

3,4

3,3

2,5

2,2

5,0

5,4

22,7

3,3

3,8

2,9

2,4

5,1

5,5

Life

Other Non-Life**

General Losses

Health

Fire and Forces of

Nature

Land Vehicles

Liability*

Share in Total Premimum

13%

11%

9%

11%

15%

Premium Written (TL Million)

Source: TSB

*Land vehicles liability insurance is compulsory. **Other non-life insurance includes accident, railway rolling stock, aircraft,

maritime, aircraft liability, general liability, credit, suretyship, financial losses, legal protection and assistance.

Land Vehicles

21%

20%

• Premiums grew in every business line in the insurance sector between 2009 and 2014. The areas of general losses, land vehicles liability and health grew considerably registering CAGRs of 21%, 20% and 16%, respectively.

CAGR (2009-2014)

12%

15%

21%

16%

15%

20%

14%



Consumer

Financing

Breakdown of Premiums in 2014

2009

2010

2011

2012

2013

2014


8% 10% 9% 8% 7% 6% 6%

65% 62% 60% 59% 60% 60% 60%

17% 19% 22% 23% 23% 23% 23%

9% 10% 9% 10% 10% 10% 11%

0%

50%

100%

2008 2009 2010 2011 2012 2013 2014

Direct Agency Bank assurance Broker

• Insurance sales in Turkey are conducted via direct sales, agencies, bancassurance and brokers.

• Total insurance sales reached about TL 26 billion in 2014. 87% of these sales were non-life insurance sales with more than TL 22.7 billion in sales, while the rest were life insurance sales with a total worth of more than TL 3.3 billion.

• Agencies had the biggest share in total sales constituting 60% of total sales with more than TL 15 billion. The significant amount of sales is due to the strong presence of agencies in Turkey. There were more than 16,000 actively operating agencies as of 2014.

• Agency sales are followed by bancassurance sales. Bancassurance grew from 17% to 23% from 2008 to 2014, exceeding TL 5.8 billion in total sales.

30

Banks are increasingly considering insurance products for cross-selling opportunities.

Premium Distribution by Sales Channels

Source: TSB



Consumer

Financing


• Allianz was the leader in non-life insurance market in terms of written premiums in 2014 with a share of 14.2% after the acquisition of Yapı Kredi Sigorta in 2014. Axa and Anadolu Sigorta followed Allianz with 13.5% and 13.2% market shares, respectively.

• The large scale non-life insurance companies (the top 5 companies) represent 55% of total market as of December 2014.

31

Allianz is the market leader in non-life insurance, the life insurance market is dominated by Ziraat.

2%

6%

10%

14%

2008 2009 2010 2011 2012 2013 2014

Non-Life Insurance Market Share, Written Premiums

Source: TSRB, * YapıKredi Sigorta and YapıKredi Emeklilik’s majority shares were acquired by Allianz in 2014.

Axa Sigorta Anadolu Sigorta

Ak Sigorta

Allianz Sigorta

YapıKredi Sigorta*

0%

5%

10%

15%

20%

25%

30%

2008 2009 2010 2011 2012 2013 2014

Source: TSRB

Ziraat

Anadolu

Garanti Allianz (YapıKredi*) Halk Hayat

Life Insurance Market Share, Written Premiums • Ziraat Hayat ve Emeklilik started its operations in the life insurance business in 2009. As of 2010, Ziraat Hayat ve Emeklilik became the market leader in terms of life insurance premiums and continued to be the leader thanks to its large retail customer base and branch network. Ziraat Hayat ve Emeklilik had a share of 18.5% in 2014, followed by Anadolu Hayat ve Emeklilik with 11% and Alianz with 10%.



Consumer

Financing


The government will fund 25% of a participant’s monthly contribution in order to promote savings.

• In October 2001, private pension plans were established in Turkey after the enactment of Law No. 4632 - Private Pension Plans Savings and Investment System. The objective of the new pension regulation can be described as follows:

• Increase the savings behavior of the population with the new tax and financial incentives

• Involve and integrate the non-working population into the system

• Decrease the lapse issue within the system

32

Government Grants and Advantages

• The government will contribute 25% of the monthly participant contribution into a separate pension contract. The government’s annual contribution will be up to 25% of the gross annual minimum wage.

• The participant is eligible for the pension fund with the following terms:

• 0-3 years of participation (0% of the fund)



• 10 years of participation and before the age of 56 (60% of the fund)

• 10 years of participation and after the age of 56 (retirement), death and disability (100% of the fund)

Major Conditions for the Individual Pension Plans

• A minimum 10 years in the system

• A minimum retirement age of 56

• No more requirement of minimum 10 years of contribution payment

• Participants can switch funds 6 times and pension plans 4 times a year

• Once the participant retires, he/she can claim the amount via three different means (i.e., total payment of asset under management, installed repayment, and annuity contract)

• A contract is signed when the first contribution amount is transferred into the company’s account.

• The participant has the right to withdraw the money in the fund up to 60 days after the contact has been signed.

• There is gradual tax on net return instead of accumulated value. Pricing is based on the riskiness of the pension fund.

Source: EGM



Consumer

Financing


• Pension funds in the world’s developed and developing countries play a crucial role in the economy since they provide long term funds to the market.

• In 2014, the ratio of pension funds to GDP in Turkey was 5.5%, an increase from 2.3% in 2010. The figure is still significantly lower than major OECD countries. However, there is great potential for the market because of the government’s promotion of savings plans to the general population.

33

In 2014, the size of the Turkish pension funds relative to GDP was doubled over the past 5 years.

Pension Funds Relative to the Size of the Economy (as Percentage of GDP), 2014

Source: OECD

159,3%

96,0%

83,0%

9,5%

8,8%

8,0%

6,7%

5,5%

4,1%

0,5%

0% 50% 100% 150% 200%

Netherlands

UK

USA

Spain

Poland

Czech Republic

Germany

Turkey

Hungary

France

2.3% 2.2%

3.8%

4,9%

5,5%

0%

1%

2%

3%

4%

5%

6%

2010 2011 2012 2013 2014

Pension Funds Relative to the Size of the Economy (as Percentage of GDP) in Turkey

Source: OECD



Consumer

Financing


• Gross national savings as a percentage of GDP was 14.4% in 2014, which is relatively lower than other countries.

• The Turkish government is trying to increase savings by enhancing the private pension system and generally raising awareness and promoting household savings. Thus, the government aims to increase the savings to 17% by 2018.

34

Gross national savings make up 14.4% of Turkey’s GDP and is expected to reach about 16% in the short term.

Gross National Savings Percentage of GDP, 2014

Source: IMF Note: Gross national savings is expressed by the IMF as gross disposable income less final consumption expenditure after taking into account an adjustment for pension funds. For many countries, the estimates of national saving are built up from national accounts data on gross domestic investment and from balance of payments-based data on net foreign investment

30,2

26,7

21,2

20,3

18,9

18,8

18,4

15,6

14,4

11,9

India

Germany

France

Spain

Poland

US

Italy

Brazil

Turkey

UK

13,3%

14,4%

16,0%

11%

12%

13%

14%

15%

16%

17%

2010 2011 2012 2013 2014 2015f 2016f

Source: IMF f: forecast

Turkey’s Gross National Savings Percentage of GDP Growth



Consumer

Financing


Both AUM and contribution amounts had rapid growth since 2006 with a CAGR of 37% and 35%, respectively.

0

10

20

30

40Assets Under Management (AUM)

Accumulated Total Contribution

Pension Funds (AUM) and Contribution Growth

1,06

1,14

1,02

1,04

1,06

1,08

1,10

1,12

1,14

1,16

0

1

2

3

4

5

6

7

Number of ContractsNumber of ParticipantsContract per Participant (RHS)

TL B

illio

n

Millio

n

Number of Participants/Contracts in Pension Funds

• The number of participants in Turkey’s pension funds increased at a CAGR of 21% between 2006 and 2014, while total contributions increased at a CAGR of 35% during the same period.

• As of 2014, total contributions reached TL 28.3 billion, which is a staggering 30% increase from the previous year. This increase was due to the new pension regulation, in which the government funds 25% of the monthly contribution.

• According to the Pension Monitoring Center’s Private Pension Development Report 2014, the total number of contracts increased to 5.8 million with 5.1 million participants. The assets under management exceeded TL 34 billion.

Source: EGM Source: EGM



Consumer

Financing


The top 4 pension funds constituted 73% of the market.

Other;

27%

Anadolu

Hayat ve

Emeklilik;

19% Garanti

Emeklilik;

16%

AvivaSA;

19%

Allianz 19%

Pension Funds (AUM) Share, 2014

38%

17%

17%

14%

14%

2014

Market Share in terms of Number of Participants, 2014

Garanti Emeklilik ve Hayat

AvivaSA

Anadolu

Allianz

• Allianz Yaşam ve Emeklilik is the market leader in the pension fund sector in terms of assets under management. However, it is not the market leader in terms of number of participants.

• Garanti Emeklilik ve Hayat and Anadolu Hayat ve Emeklilik has the highest share in terms of number of participants with 17% as 2014.

Source: EGM

Other



Consumer

Financing


Non-Life Insurance Sector: Selected Players

AXA Sigorta

• French insurance giant Axa entered the Turkish insurance market in 1995 under the name Axa Oyak Life Insurance.

• In 2008, AXA bought Oyak’s shares.

• 93% of the shares of the company belong to Axa Holding A.Ş., 7% to Ziraat Bank and the rest to smaller stakeholders.

• In 2014, Axa Sigorta’s total non-life premium amounted to more than TL 3.1 billion with a non-life technical income of more than TL 2.9 billion.

Anadolu Sigorta

• Anadolu Sigorta was founded in 1925 by İş Bank.

• 57% of the company is owned by Milli Reasürans T.A.Ş. and the rest is publicly listed.

• In 2014, Anadolu Sigorta’s non-life premium equaled TL 3.0 billion with a non-life technical income of TL 2.4 billion.

Allianz Sigorta

• In 1988, the German company Allianz along with Tokio Marine Insurance from Japan bought shares of Şark Sigorta operating under Koç Holding.

• Allianz owns 96.2% of the life insurance shares of the company. The other 3.8% is held by Tokio Marine.

• TL 3.2 billion was made by Allianz from non-life insurance premiums in 2014 and a total non-life technical income of more than TL 2.9 billion.

• Allianz acquired Yapı Kredi Sigorta in 2014.

Güneş Sigorta

• Güneş Sigorta was established in 1957.

• Vakıf Emeklilik owns 36% of Güneş Sigorta and Groupama, one of the leading insurance companies in France, owns 36%. The rest of the shares are owned by the Retirement Foundation of Vakıfbank’s personnel and the public.

• It had more than TL 1.2 billion non-life premiums in 2014. Güneş Sigorta’s non-life technical income exceeded TL 700 million.



Consumer

Financing

Source: TSB and Company websites


Life Insurance Sector: Selected Players

NN HAYAT ve EMEKLILIK

• Oyak Emeklilik A.Ş., was founded in 2003.

• Dutch financial services group ING acquired the company in 2007.

• Oyak Emeklilik’s name changed to ING Emeklilik in 2009.

• The company was renamed NN Emeklilik in February 2015.

•NN Continental Europe Holding BV owns the company

•ING Emeklilik’s total assets under management in 2014 reached TL 1.6 billion.

GARANTI EMEKLILIK ve HAYAT

• Garanti Emeklilik ve Hayat began its operations in 2002.

• 85% of Garanti Hayat ve Emeklilik’s shares are owned by Garanti Bank, the remaining are owned by Dutch insurance company Achmea.

• Garanti Emeklilik ve Hayat’s total assets under management was more than TL 5.6 billion in 2014.

AvivaSA Emeklilik ve Hayat

• AvivaSA was established in 2007 with approximately 50% percent of its shares divided between Sabancı Holding and Aviva.

• Aviva is a global insurance company headquartered in Britain with over 50 million customers.

• AvivaSA had TL 6.5 billion asset under management in 2014.

ANADOLU HAYAT ve EMEKLILIK

• Anadolu Hayat Emeklilik was founded in 1990 and is Turkey’s only publicly listed insurance company.

• 62% of the company‘s shares are owned by Iş Bank, 20% by Anadolu Sigorta, 17% is open to public and less than 1% is held by Milli Reasürans T.A.Ş.

• In 2014, the company’s asset under management totaled TL 6.8 billion.



Consumer

Financing

Source: TSB and Company websites


Financial leasing assets grew at a CAGR of 13% between 2007 and 2014.

0,0%

0,4%

0,8%

1,2%

0

4

8

12

16

20

24

28

32

36

TL B

illio

n

Leasing Asset Size Leasing Volume/GDP (RHS)

Financial Leasing Asset Size Growth in Turkey

Source: FKB

Financial Leasing Transaction Volume, 2014

0%

5%

10%

15%

20%

25%

30%

35%

0

10

20

30

40

50

60

70

80

Transaction Volume Penetration (RHS)

US

D B

illio

n

Source: FKB

• Turkey’s leasing transaction volume reached USD 7.6 billion in 2014, which is a 10% increase from the previous year. Despite the huge year-over-year growth Turkey’s leasing sector is still underpenetrated but significant upside potential as leasing asset size grows.

• The total asset size grew at an impressive CAGR of 13% from 2007 to 2014 to more than TL 32.5 billion.

• Furthermore, participation banks in Turkey can also conduct financial leasing operations on tangible items.



Consumer

Financing


Real estate had the highest share in financial leasing with 29% in 2014.

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

0

4.000

8.000

12.000

16.000

20.000

24.000

2008 2009 2010 2011 2012 2013 2014

Leasing Receivables NPL (RHS)

Financial Leasing Receivables in Turkey

TL M

illio

n

Source: BRSA

Financial Leasing Investment Amount by Product Type, 2014

• The Turkish government promotes financial leasing operations. As of December 2011, it reduced the VAT applied for leasing operations to 1% for leasers that have investment incentive documents. The items that can be leased include steam boilers, steam turbines, concrete pumps and centrifuges among other items. In light of this support, financial leasing receivables steadily increased.

• Financial leasing receivables increased at CAGR of 6.6% between 2008 and 2014 exceeding TL 20 billion in 2014.

• Leasing of construction equipment had the highest share in terms of investment amount with 29%, followed by machinery and other equipment with 20%.

29%

20% 18%

7%

7%

3% 16%

Real Estate

Construction Equipment

Machinery andEquipment

Metal Processing

Textile Equipment

Medical Equipment

Other



Consumer

Financing

Source: FİDER, İş Leasing


Leasing Sector Operational Figures

Leasing Sector Operational Figures

2010 2011 2012 2013 2014

Number of Branches

16 17 18 32 29

Number of Agencies

69 72 75 117 138

Number of Personnel

1,286 1,217 1,258 1,361 1,458

Number of Clients

50,428 43,294 45,089 46,752 52,041

Number of Contracts

10,186 14,648 17,787 19,790 20,302

• The leasing sector in Turkey makes up a significant part of the non-banking sector with 20,302 contracts in 2014.

• In 2014, the number of skilled personnel in the leasing sector was 1,458 and the total number of clients was 52,041.

• With 138 different agencies all across Turkey, leasing companies provide necessary services to their clients.



Consumer

Financing

Source: FKB


The leasing sector is a promising one with 20% growth in revenues in 2014 compared to 2013.

0

100

200

300

400

500

600

700

0

500

1.000

1.500

2.000

2.500

TL M

illion

TL M

illio

n

Leasing Revenues Net Profit/Loss (RHS)

Leasing Revenues and Net Profits/Loss, 2008-2014

Source: FKB, BRSA

• Revenues in the leasing sector in Turkey have been increasing since 2009.

• As of 2014, leasing revenues were TL 2,179 million, which corresponds to a 20% increase compared to the previous year and 170% increase compared to 2009.

• Net profit increased from TL 451 million to TL 526 million in 2014.



Consumer

Financing


Leasing Sector: Selected Players

BNP PARIBAS Leasing Solutions

• BNP Paribas Leasing Solutions, a global leader in financial services, signed a cooperation agreement with TEB Leasing in 2005.

• In 2009, BNP acquired Fortis Leasing.

• TEB Leasing and Fortis Leasing then merged under the umbrella of BNP Paribas Finansal Kiralama A.Ş. in 2011.

• BNP leases medical and data processing equipment, energy facilities, transport vehicles, construction machinery and real estate. Its total assets in 2014 was TL 2.0 million.

YATIRIM Leasing

• Yatırım Leasing was founded in 1993. It joined TETAŞ Group in 2004. The company offers its clients investment services in different sizes and terms and consultancy to promote leasing activities in Turkey.

• Yatırım Leasing provides financing for capital such as medical and construction equipment, press and packaging, appliances for metals and textile sectors.

• The company’s total assets were TL 97.770 million in 2014.

SIEMENS AG Leasing

• Siemens Finansal Kiralama A.Ş. was established in 1997 by Siemens AG Leasing, which has offices in more than 20 countries.

• Siemens leases printing machines, textile, tourism and office equipment, transport vehicles, computers and software, cranes and construction machinery, power stations and communication and security systems.

GARANTI Leasing

• Garanti Leasing was founded in 1990.

• It uses Garanti Bank branches as a distribution channel. In 2007, Garanti Leasing founded Garanti Fleet.

• Garanti Leasing aims to become the first Turkish leasing company to open offices overseas.

• Business premises, real estate, medical and office equipment, construction, textile and manufacturing machinery can be leased from Garanti Leasing.

• Garanti Leasing’s total assets in 2014 amounted to TL 4.1 million.



Consumer

Financing

Source: Company Websites


7,8

26,4

-3

2

7

12

17

22

27

TL B

illio

n

• In Turkey, factoring was introduced in 1988 to support manufacturers’ export activities. One of the major advantages of factoring is its ability to provide companies with immediate cash flow for their accounts receivable.

• The total assets in factoring sector reached TL 26.4 billion in 2014, which accounts for a 21% increase compared to the previous year.

• It is also observed that between 2008 and 2014 total assets grew at a staggering CAGR of 23%.

• Receivables in the sector grew by 74% compared to 2011 and non-performing loans decreased from 5% in 2012 to 4.5% in 2014.

44

The assets in the factoring sector in Turkey have been increasing significantly, reaching TL 26.4 billion in 2014.

Total Asset Development of the Factoring Sector in Turkey, 2008-2014

CAGR 23%

TL Billion 2011 2012 2013 2014

Receivables 14.2 16.3 20.1 24.7

NPLs (%) 4% 5% 4.9% 4.5%

Reserves 0.4 0.7 0.8 0.9

Banks 0.5 0.7 0.6 0.4

Credit 11.5 12.8 15.5 18.4

SE Equity 3.4 3.9 4.0 4.4

Factoring Sector Selected Financial Indicators, 2011-2014

Source: CBRT



Consumer

Financing


• The revenue and net profit of the factoring sector have been increasing since 2009.

• Compared to 2009, factoring revenues increased 41% reaching TL 3,270 million in 2014.

• The net profits in factoring reached TL 624 million in 2014, an increase of 25% compared to the previous year.

45

Factoring revenues increased by 35% in 2014 demonstrating a vast potential in the sector.

1,8

3,3

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0

0,5

1

1,5

2

2,5

3

3,5

TL b

illion

TL b

illio

n

Factoring Revenues Net Profit (RHS)

Factoring Revenues and Net Profit, 2008-2014

Source: BRSA



Consumer

Financing


The total numbers of clients and contracts have been increasing in the factoring sector demonstrating its high service potential.

Factoring Sector Operational Figures

2009 2010 2011 2012 2013

Number of Branches

26 28 25 62 319

Number of Agencies

116 175 218 185 --

Number of Personnel

2,959 3,557 3,819 4,186 4,650

Number of Clients

40,997 57,094 66,468 67,054 --

Number of Contracts

65,952 89,516 91,029 84,769 --

• The table above provides some of the most crucial operational figures of the factoring sector. The sector continued its growth between 2009 and 2013 in almost every operational activity.

• For example, the number of branches in the factoring sector increased from 26 in 2009 to 319 in 2013. This also resulted in the increase of highly skilled personnel in this field reaching a total of 4,650, which is a 57% increase compared to 2009.

Source: BRSA



Consumer

Financing


Factoring Sector: Selected Players

Garanti Factoring

• Garanti Factoring was established in 1990 in order to provide factoring services to industrial and commercial companies.

• Garanti Factoring open edits shares to the public in 1993 and is traded on Borsa Istanbul.

• The company currently has 21 branches in 14 cities of Turkey.

• The total assets of the company were TL 2,989 million in 2014.

YapıKredi Factoring

• YapıKredi Factoring was established in 1999.

• The company provides services to commercial companies and more than 90% of its customer base is small and medium size enterprises.

• YapıKredi Factoring is an active member of both the Factoring Association and Factors Chain International (FCI).

• In 2014, the total assets of YapıKredi Factoring were TL 2,813 million.

TEB Factoring

• TEB Factoring was established in Turkey in 1997.

• The company provides factoring services domestically and internationally.

• Since 1998, TEB Factoring is a member of the Factors Chain International.

• The total assets of TEB Factoring in 2014 amounted to TL 1,355 million.

Source: Company Websites



Consumer

Financing


The assets of the consumer financing sector in Turkey have been growing since 2009.

-10%

0%

10%

20%

30%

40%

50%

0

5

10

15

20

25

2009 2010 2011 2012 2013 2014

TL B

illio

n

Total Assets % Growth (RHS)

Consumer Financing Sector Asset Development, 2009-2014

• One of the main advantages of consumer financing companies is their ability to provide fast and efficient loans for their customers. Most consumer financing companies in Turkey are focused on specific financing fields such as car loans or mortgages, which allow them to serve their customers faster and with a variety of choices targeted to them.

• Also, it is important to note that with the amendment of Law No. 6361 regarding "Leasing, Factoring and Financing Company Law," new benefits were introduced in the consumer financing sector in 2012.

• According to the law, financing companies now have the title of credit institutions and are now allowed to provide cash loan up to 5% of their total assets.

• As of 2014, total assets for the consumer financing sector was TL 20.3 billion increasing by 27% compared to the previous year.

• Regarding non-performing loans (NPLs), the percentage has decreased significantly since 2009. NPLs in 2014 were 2.7%, whereas it was as high as 10% in 2009.

TL Billion 2011 2012 2013 2014

Receivables 8.4 10.7 14.5 18.1

NPLs (%) 2.9% 2.8% 2.7% 2.7%

Reserves 0.1 0.1 0.2 0.2

Banks 0.2 0.5 0.9 0.7

Credit 7.1 9.0 12.6 16.4

SE Equity 0.6 0.9 1.2 1.4

Source: BRSA, TCMB

Consumer Financing Sector Selected Financial Indicators, 2009-2014

Source: BRSA, CBRT



Consumer

Financing


Major Players in Consumer Financing BankingInsurance and


Consumer

Financing

Name Web Page What They Do

https://www.aljfinans.com.tr/ ALJ Finance was founded in 2011 by Saudi Arabian ALJ car distributors. The company’s total assets reached TL 626.4 million in 2014.

DD

Mortgage http://www.ddm.com.tr

Founded in 2006 by Doğan Holding and Deutsche Bank, DD Mortgage had a credit portfolio of TL 446 million in 2014.

http://www.vdf.com.tr/ Established in 1999 by Volkswagen and Doğuş Finans, VDF offers 5 types of credit covering 15 brands for its customers across Turkey.

https://sekerfinans.com.tr/ Şeker Finans started its operations in 2008 under the name Istanbul Finans and then merged with Şekerbank in 2010. It offers mortgage and renovation work loans.

http://psafinansman.com/ PSA Finance was created in 2010. It is a subsidiary of the French firm, PSA Financial Holding. Its total capital is TL 20 billion.

http://www.eximbank.gov.tr

In 2014, it provided USD 20.1 billion loans, USD 11.0 billion insurance. Its total financial support accounted for 19.7% of Turkey’s exports. As of 2014, it has total assets worth of USD 14.5 billion.

http://www.kocfinans.com.tr/ Koçfinans offers its customers car, mortgage and education loans. Since its founding in 1995, the company has provided credit for more than 3 million customers, approximately USD 2.3 billion worth of loans.

https://www.kocfiatkredi.com.tr Koç Fiat Kredi was founded in 2000 by Koç Holding and Fiat and was later bought by Tofaş Türk Otomobil Fabrikaları A.Ş. It is a captive finance company serving 6 brands. In 2014, the company made loans worth of TL 1,199 million.

http://www.man-financial-services.com.tr/

Since it started its operations in 2005, MAN offers consumer credits for MAN vehicles and trucks.

http://www.orfin.com.tr/ Orfin has been operating since 2011 and has a financial portfolio of products worth EUR 22.5 billion worldwide. In Turkey, the company has TL 93 million shareholders equity and offers its services for the sales of the Renault and Dacia brands.

http://www.tebcetelem.com.tr/ TEB Cetelem was the product of the partnership between TEB Financial Investments A.Ş and BNP Paribas Personal Finance, which has been active in Turkey since 1995.

http://tarimkredi.org.tr/

Since 1863 the cooperative has given general purpose loans for agricultural producers including loans for pesticides, fertilizers, animal husbandry, oil, and irrigation up to TL 50,000, which is to be repaid in 1 - 4 years with interest rates varying between 8 or 10%.

http://www.mercedes-benz-finansalhizmetler.com/

Mercedes Benz Finansman was founded in 2008 to lead the brand’s operations in Turkey. As of 2013, it had total assets worth TL 4,529 million.

http://www.eximbank.gov.tr/


50

B. An Overview of the Turkish

Capital Markets

i. Borsa Istanbul

ii. Brokerage Firms


• BIST is the Turkish stock exchange located in Istanbul. There are 227 companies that are quoted on Borsa Istanbul. The exchange aims to have 1,000 companies listed from a minimum of 10 different countries by 2023. Thus strengthening its position and ensuring its competitiveness on the global arena.

• BIST had a market value of USD 220 billion and a annual trading volume of more than USD 390 billion as of December 2014.

• BIST has a higher market value and trading volume from other major peer exchanges in the region. However, compared to developed markets there is considerable growth potential.

• BIST’s liquidity was higher with a 179% trading volume to market value ratio.

51

Borsa Istanbul has liquidity of 179%, which exceeds emerging market exchanges.

0%

60%

120%

180%

0

100

200

300

400

Budapest StockExchange

Dubai Financial Market Egyptian Exchange Borsa Istanbul Qatar Stock Exchange

Market Value Trading Volume Market Value/GDP (RHS) Trading Volume/Market Value (RHS)

Source: WFE, IMF

US

D B

illio

n

Comparison of Exchanges, 2014


BIST-100 yielded a 16% return in 2014, surpassing most of the emerging market stock exchanges.

Source: TSPAKB *National Stock Exchange Of India **Return percentage is calculated in USD terms.

Index Return Percentages, 2014** • The top 10 highest return yielding exchanges were from emerging markets. Borsa Istanbul’s BIST-100 Index yielded 15,8% in returns in terms of dollars in 2014.

• As BIST has delivered good performance, foreign investors have sustained their high participation in BIST over the past decade..

43 52 57

66 65 72 68 67 66 62 66 63 64

57 48 43

34 35 28 32 33 34 38 34 37 36

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Foreign Domestic

Foreign and Domestic Investors’ Participation as % of BIST Free Float Market Capitalization

Source: BIST

-49%

-38%

-15%

16%

22%

28%

34%

35%

Moscow

Athens

Warsaw

Borsa Istanbul

Philippines

Egypt

Bombay

India*


Case Study: BIST

• With the new Capital Markets Law coming into effect in 2012, the IMKB, the Istanbul Gold Exchange, TURKDEX merged under BIST. BIST trades various assets such as equities, contracts written on energy and commodities, debt instruments, derivative products and precious metals and gems.

• A strategic partnership pre-agreement was signed with NASDAQ OMX on July 2013. The agreement will establish Borsa Istanbul as a part of the global exchanges network. The settlement, risk management and surveillance systems of Borsa Istanbul will be synchronized with the world’s prominent exchanges. It will enable the trading of spot market and various financial instruments denominated in diverse currencies, including derivatives and contracts on commodities and energy.

• In 2014, the economy grew at a slower pace than the previous year, but its performance was stable.

• There are many indices on which investors can trade on BIST such as the sectorial indices, BIST-100, BIST-30, TURKDEX, and BIST Dividend Index.

• Institutions using and/or willing to use BIST Indices for their financial products (including over-the-counter financial products) should sign the "BIST Indices License Agreement (License Agreement)". Furthermore, following the reunion of the Organization of Islamic Cooperation (OIC) Member States’ Stock Exchanges Forum parties agreed to create a joint Islamic Index. Istanbul Traded Index was introduced with the cooperation of the Wiener Börse for the trade of 20 companies denominated in Euro, US Dollar and Turkish Lira. Another Sustainability Index was finalized and will soon be introduced by Borsa Istanbul.

• Having confidence in Borsa Istanbul’s future, NASDAQ OMX acquired 5% in 2013 and EBRD acquired 10% of its shares in 2015.

0

25.000

50.000

75.000

100.000

2009 Global Economic Crisis

Source: BIST

Growth of BIST-100


In Turkey, only brokerage firms are allowed to trade equities.

Brokerage Firms Fact Sheet

• As of 2014, there are 89 brokerage firms performing in the equity market with a total trading volume of USD 399

billion.

• 80% of the total share of the trading volume in the equity market was generated by domestic individuals, corporations and institutional investors. Foreign corporations and institutional investors each contributed 16% and 4%, respectively.

• In the derivatives exchange market, 74 brokerage firms were operating as of 2014. The total trading volume of intermediaries was USD 397 billion in 2014. 75% of the trades were made by domestic investors and 25% by foreign investors.

• In December 2014, 2,937 investors made asset management operations in the brokerage sector with a portfolio size of USD 2,6 billion.

• As of 2014, the number of branches for brokerage firms is 150 and representative offices to 67. The total assets of brokerage firms in Turkey equaled USD 6,5 billion in 2014.

• Total revenue for brokerage firms in 2014 was USD 0,8 billion. Approximately 60% of their revenue came from commissions collected from transactions. 49% of their commissions were from equities and 37% from forex operations. The remaining percentage was made from fixed income and derivative operations.

Total Assets of Brokerage Firms

Source : TSPAKB

57%

11%

15%

17%

BrokerageCommissions

Revenues from

Services

Proprietary TradingProfit/Loss

Other RevenuesSource : TSPAKB

Breakdown of Revenue for Brokerage Firms in 2014

4,3

6,4 6,6 6,5

0

1

2

3

4

5

6

7

2011 2012 2013 2014

US

D b

illi

on


C. Turkey’s Competitive Landscape i. Turkey’s Macroeconomic Outlook

ii. Favorable Demographics

iii. Skilled and Cost-Competitive Labor Force

iv. Investment Environment & Stakeholders

v. Geostrategic Location

55


100

125

150

175

200

225

2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Real GDP Growth (Index: 2001=100)

56

Turkey’s sizeable and diversified economy has achieved remarkable growth with a bright future, thus further triggering financial activity..

Source: IMF World Economic Outlook, October 2015, TurkStat

17th largest economy in the world.. (GDP, PPP ‘14)

f o r e c a s t

537 681

1.118

1.508

2.056

145

436

390

548

1996 97-'02 2002 03-'08 2008 09-'14 2014 15-'20 2020

Pre-reform period

Reform period

Per

iod

of

New

-gen

erat

ion

refo

rms

Turkish Economy

(GDP at PPP, $B)

CAGR ‘01-14

4.8%

3.8%

3.5%

2.4%

1.7%

2020

13,8%

Other 26,5%

Production

Manufacturing

27%

Financial

Services

19%

Transport, storage &

communication

Wholesale &

retail trade

13,6%

Contribution to Real GDP Growth in Turkey ‘02-’14

76,4%

32,1% 31,5%

-1,8%

-38,2%

Expenditure

Con

sum

ptio

n

Imports

Inve

stm

ent

Exp

orts

Sto

cks


As Turkish economy has grown, it has integrated with the global economy with increasing cross-border capital flows..

134

559

2002 2004 2006 2008 2010 2012 2014

Financial Account

Income & Expenditure

Trade in Goods & Services

I n t e r n a t i o n a l T r a n s a c t i o n s V o l u m e o f T u r k e y ( $ B i l l i o n )

Source: CBRT

62

230

2002 2014

Reserve assets

Other investment

Portfolio investment

Direct investment

148

671

2002 2014

Other investment

Portfolio investment

Direct investment

I n t e r n a t i o n a l I n v e s t m e n t P o s i t i o n o f T u r k e y ( $ B i l l i o n )

Assets

Lia

bilit

ies


10.324

19.556

2002 2014

58

Turkey’s economic growth has resulted in income growth and a growing robust middle class with increasing purchasing power..

Income per capita ($, PPP)

Source: Turkstat, IMF, World Bank, Pew Research; The poor live on $2 or less daily, low income on $2.01-10, middle income on $10.01-20, upper-middle income on $20.01-50, and high income on more than $50; figures expressed in 2011 purchasing power parities in 2011 prices. * As of Sept 2015 **Annualized as of Oct 2015

Poor

Low Income

Middle Income

Upper-Middle Income

High Income

2001 2011

43.6 million

13.4

million

3.9 million

0.6 million

33.9

million

25.8

million

10.6

million

1.4 million

1.4 million 2.6 million

4,6

10,4

2002 2015*

Stock of Automobiles

(million of passenger cars)

0,4

1,3

2008 2015**

Annual House Sales

(million of houses)

2.429

7.241

2002 2015*

Private Consumption per

capita ($, current prices)


71

78

84

89

92

2007 2015 2023 2031 2040

Population (million)

5 3 1 1 3 5

0-4

10-14

20-24

30-34

40-44

50-54

60-64

70-74

80-84

90+

Female Male

Age Group TURKEY

5 3 1 1 3 5

0-4

10-14

20-24

30-34

40-44

50-54

60-64

70-74

80-84

90+

Female Male

Age Group EUROPE

5 3 1 1 3 5

0-4

10-14

20-24

30-34

40-44

50-54

60-64

70-74

80-84

90+

Female Male

Age Group ASIA

%

1,4 1,6 3,1

5,7

10,6 11,3

12,2

18,8

Hungary

Czech R

.

Rom

ania

Pola

nd

Germ

any

UK

Fra

nce

Turk

ey

Population under age 15

(million of people)

90

100

110

120

2014

2017

2020

2023

2026

2029

2032

2035

Working Age Population (15-64) (Index: 2014=100)

Europe

Turkey

Source: Turkstat, Eurostat, UN, 2014

Turkey has a quite favorable demographic structure with a bright prospect which will further support economic activity in Turkey..

P o p u l a t i o n P y r a m i d s i n 2 0 1 4


• Turkey’s labor markets support the financial sector through sizeable employment in the sector which stands at 301 thousands as of 2014.

• Labor cost per hour in the Turkish financial sector is highly cost-competitive, especially when compared with major financial centers..

Turkey’s labor markets support the financial sector’s human resources need with a cost-competitive labor base..

273

301

2009 2014

Employed Population in Turkish Financial and Insurance Sector (thousand)

Labor Cost per Hour in Financial & Insurance Sector, 2012

(Euro) 78,0

58,7 57,8

53,0

48,4

43,4 40,3 39,6

16,8

Source: Eurostat


5,8

6,2 6,5

6,9 6,9 7,0

7,7

8,3 8,3

61

Turkey’s financial ecosystem is further supported by the availability of necessary skills and national education policies..

Number of students enrolled in Tertiary Education by field of study, 20132, (thousand)

6,2

7,1 7,2 7,2 7,4

7,6 7,6

8,0 8,1

Source: 1IMD, 2 OECD

226

171

104

55

111

Economics

Finance, Banking, Insurance

Accounting, Taxation

Maths, Statistics

Computing

Availability of Senior Managers with International Experience, 20141

0=Unavailable, 10=Available

Availability of Finance Skills, 20141


Availability of IT Skills, 20141


4,3 4,8

5,4 5,8 5,9 5,9

7,2 7,3

7,9


Foreign Direct Investment (FDI) Law Bilateral Investment Treaties with 75 countries

National Treatment

No restriction of foreign partnership

International Arbitration

Guarantee of Transfers

Purchase of Real Estate

Employment of Expats

Afghanistan, Albania, Argentina, Australia, Austria, Azerbaijan, Bangladesh,

Belarus, Belgium, Luxembourg, Bosnia , Bulgaria, China, Croatia, Cuba, Czech R., Denmark, Egypt, Estonia, Ethiopia, Finland,

France, Georgia, Germany, Greece, Hungary, India,

Indonesia, Iran, Israel, Italy, Japan, Jordan, Kazakhstan,

Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Macedonia, Malaysia,

Malta, Moldova, Mongolia, Morocco, Netherlands, Oman, Pakistan,

Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia,

Senegal, Serbia, Singapore, Slovakia, Slovenia, Korea, Spain,

Sweden, Switzerland, Syria, Tajikistan, Thailand, Tunisia, Turkmenistan,

Ukraine, UAE, UK,US, Uzbekistan, Yemen

Double Taxation Agreements with 80 countries FDI Regulatory Restrictiveness in Financial Services, 2014

Albania, Algeria, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Belarus,

Belgium, Bosnia, Brazil, Bulgaria, Canada, China, Croatia,

Czech Republic, Denmark, Egypt, Estonia, Ethiopia, Finland,

France, Georgia, Germany, Greece, Hungary, India,

Indonesia, Iran, Ireland, Israel, Italy, Japan, Jordan, Kazakhstan,

Kuwait, Kyrgyzstan, Latvia, Lebanon, Lithuania, Luxembourg, Macedonia, Malaysia, Malta, Moldova, Mongolia, Morocco,

Netherlands, New Zealand, Norway, Oman, Pakistan,

Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia,

Montenegro, Singapore, Slovakia, Slovenia, South Africa, Korea,

Spain, Sudan, Sweden, Switzerland, Syria, Tajikistan, Thailand,

Tunisia, Turkish Republic of Northern Cyprus, Turkmenistan, Ukraine, UAE,

UK, US, Uzbekistan, Yemen

Turkey’s regulatory environment is highly friendly to foreign direct investment in financial sector.

Source: Ministry of Economy, Ministry of Finance, OECD

0,5

13

0,4

32

0,0

67

0,0

54

0,0

42

0,0

35

0,0

24

0,0

18

0,0

09

0,0

03

0

Index: 1=Closed to FDI, 0=Open to FDI


Istanbul Finance Technopark

About

• Turkey’s first thematic technopark • Produce technological and financial information • Make innovation in products • Commercialize technological and financial

information • Create investment opportunities in technology

intensive areas through ensuring the cooperation of research companies and organizations with the finance and manufacturing sectors

Target Groups

• Companies Operating in the Banking and Finance Sectors

• SMEs that produce hardware and software for the financial sector

• Start-up Companies operating in the financial, money and capital markets and software, information technology and technology sectors

Shareholders

Turkish financial industry is also supported by university & industry collaboration through a finance-oriented technology development zone.


Istanbul Financial Center

Key Features

• Istanbul Financial Center will house the head offices of

the Turkey’s financial market governing bodies, state-owned and private banks, and related businesses. It will cover 4.2 million square meters of office, residential, retail, conference, hotel and park space.

• The government is working to improve the Turkish tax system, legal and fiscal environment, political and economic stability and regulatory framework in order to attract financial investments.

• According to the Global Financial Centers Index (GFCI) published in September 2015, İstanbul is a broad and deep and established transnational financial center (same category as Geneva, Shangai and Tokyo)

Source: GFCI (Rank)

“İstanbul satisfies the majority of the criteria of a financial center”

Turkey is committed to transform Istanbul into an international financial center..

“Besides regional proximity to our clients, İstanbul provides appropriate infrastructure, convenient airport

links, and a good quality of life for our staff.”

Ista

nbul (7

2)

Ista

nbul (4

7)

New

York

(2)

New

York

(2)

London (

1)

London (

1)

2009 2015

Istanbul is converging with top financial centers..

Tom Shave, Deloitte Senior Manager Dimitris Tsitsiragos, Vice-President, IFC

Global Financial Center Index Scores

442

774 790

653

788 796


Major Financial Sector Stakeholders

Name Web Page What They Do

Central Bank of the

Republic of Turkey

www.tcmb.gov.tr Its purpose is to create efficiency in all the financial sectors of the economy, especially money, credit and capital markets as well as determining and implementing policy contributing to financial stability, managing foreign exchange and gold reserves, printing money and overseeing payment systems.

Banking Regulation

and Supervision

Agency

www.bddk.org.tr Ensures confidence, stability and competitiveness in financial markets to ensure effective operation of the credit system, protects the rights and interests of investors and takes necessary measures to make institutions subject their supervision steady and secure.

The Banking

Association of Turkey

www.tbb.org.tr Contributes to the development of banking sector and its competitiveness, prevents unfair competition and aims to make Istanbul an international financial center in the world.

The Insurance

Association of Turkey

www.tsb.org.tr Specializes in the development of the insurance, reinsurance and private pension sectors, TSB provides advice to public authorities, monitors developments, conducts research, eliminates unfair competition of its members and produces a code of ethics for practices.

Pension Monitoring

Center

www.egm.org.tr Since 2007, EGM monitors the pension system on a daily basis, collects data and implements licensing exams.

Capital Markets Board

of Turkey

www.spk.gov.tr Regulatory and supervisory authority in charge of the securities market, which makes detailed regulations for organizing the market and developing capital market instruments and institutions.

Borsa Istanbul www.borsaistanbul.com Borsa Istanbul A.Ş. was founded in 2012. It trades capital market instruments, foreign currencies, precious metals and gems and other contracts and documents.

Turkey’s financial sector is also strengthened through efficient supervisory and regulatory institutions..


Istanbul’s strategic location and its connectivity with the rest of the world has already enabled it to be a regional hub for global companies..

Follow and cover markets in 16 times zones from New York to Tokyo…

Turkish Airlines connects Turkey to 232 international destinations in 111countries (196 out of 232 are from/to Istanbul)

Global companies

are managing

dozens of countries

from Istanbul

90 countries

79 countries

67 countries

52 countries


Given Turkey’s strategic location, a significant economic activity is taking place around Turkey. . .

Source: IMF World Economic Outlook and ITCO; GDP, Imports and population figures as of 2014

EUROPE

GDP: $20.8 trillion Import of Financial Services: $120 billion Insurance: $45 billion Population: 670 million

RUSSIA

GDP – $1.9 trillion Import of Financial Services: $2,4 billion Insurance: $1,7 billion Population: 144 million

MENA

GDP: $3.9 trillion Import of Financial Services: $5,9 billion Insurance: $13 billion Population: 703 million

CENTRAL ASIA & CAUCASUS

GDP: $0.44 trillion Import of Financial Services: $200 million Insurance: $400 million Population: 85 million

Access to Multiple Markets

1,5 Billion People

$27 Trillion GDP,

around $200 billion

trade in Financial &

Insurance Services

at a 4-hour flight

distance


For comments on the report and additional information please contact:

[email protected] www.invest.gov.tr Head Office Address: Kavaklıdere Mahallesi Akay Caddesi No:5 Çankaya/ANKARA 06640 Phone: (+90 312) 413 89 00

Office Address: Dünya Ticaret Merkezi A1 Blok Kat:8 No:296 Yeşilköy/İSTANBUL 34149 Phone: (+90 212) 468 69 00

USA Mustafa ILBEYLI [email protected]

GERMANY Kemal KAFADAR [email protected] Ole Von BEUST Rezzo SCHLAUCH Wolf Ruthart BORN

CHINA Hui ZHAO [email protected]

FRANCE Utku BAYRAMOĞLU [email protected]

INDIA Sanjeev KATHPALIA [email protected]

UK Necmettin KAYMAZ [email protected]

JAPAN Saya ASHIBE [email protected]

CANADA Murat ÖZDEMİR [email protected]

SAUDI ARABIA Mustafa GÖKSU [email protected]

SPAIN Yasemen KORUKÇU [email protected]

Investment Support and Promotion Agency of Turkey Worldwide

UAE Deniz ACAR [email protected]

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