Greek-run Alphabank preparing to enter Turkish market

Hürriyet Haber
14 Kasım 2006 - 11:21Son Güncelleme : 14 Kasım 2006 - 11:21

The second largest bank in Greece, Alphabank, is preparing to start up business in Turkey, though bank leaders have issued precautionary comments in advance of action. The head of Alphabank, Yannis Costopoulos, has said "We will enter the Turkish market. But do not await big steps.

 Turkish banks are very powerful." In a statement to the Greek newspaper Imerisia, Costopoulos said "Turkey is not like Bulgaria or Romania. Big Turkish banks are powerful, and use advanced technology. It will not be easy to compete with them." If Alphabank's efforts in the Turkish banking sector are successful, they will become the third Greek bank here following the Greek National Bank (NBG), which bought the Turkish Finansbank, and Eurobank, which purchased Tekfenbank.

Alphabank's move to start up activity in Turkey reportedly follows a green light from the Greek National Economic Minister, Yorgos Alagoskufis. Alphabank is currently active in Romania, England, Serbia, Albania, Bulgaria, Macedonia, Greek-run Cyprus, and the US, with a total of 365 outlets in Greece alone.

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