İşbank seeks ways to gain more strength
Güncelleme Tarihi:
Hürriyet Daily News
Oluşturulma Tarihi: Şubat 20, 2009 00:00
ISTANBUL - İşbank is looking to attract funds from international investment and development banks, Ersin Özince, the bank’s chief executive said Wednesday.
Speaking at the İşbank meeting on management strategies in an uncertain environment, Özince said in the current crisis the bank has unfortunately not been able to find resources for currency loans.
"We have been trying to find long-term resources for currency loans with securities or issuing bonds but have unfortunately not been able to do so in this crisis," he said. "So we are trying to attract the funds of international investment and development banks and find Eximbank funds of the countries that trade with Turkey."
The best way to try to endure during the crisis is not to venture excessively into cost cutting measures, Özince said, adding that Turkey still has a chance to manage the current crisis situation effectively.
"There are two ways to guard assets in this crisis environment: There are those who hibernate when winter comes and reduce their normal functions to a minimum level to get through the difficult times, bringing their metabolism nearly to a halt. They wake up to new spring having lost weight and energy and paid a hefty price," he said. "Others take precautionary measures as they can and try to get by with the energy they get from shivering. "We still need to find ways to get though this crisis in the second way. Despite all that is happening, Turkey still has a serious chance [to manage the situation]."
Despite the crisis, İşbank is determined to continue growing. Özince said the bank is opening several new branches this year and aims to grow its balance sheet to at least $100 billion this year. "As a bank listed on the Istanbul Stock Exchange we are working to grow our balance sheet. We need to exceed at least $100 billion. So far we have not reached that sum, but are very close to it."
"In the real sector, and especially financing small-and medium-sized enterprises, İşbank has no competitors. In retail banking the situation is different. In loans we are preferred. But in terms of assets, and especially timed deposits, citizens prefer whatever bank offers the highest interest," said Özince.
"We have been trying to find long-term resources for currency loans with securities or issuing bonds but have unfortunately not been able to do so in this crisis," he said. "So we are trying to attract the funds of international investment and development banks and find Eximbank funds of the countries that trade with Turkey."
The best way to try to endure during the crisis is not to venture excessively into cost cutting measures, Özince said, adding that Turkey still has a chance to manage the current crisis situation effectively.
"There are two ways to guard assets in this crisis environment: There are those who hibernate when winter comes and reduce their normal functions to a minimum level to get through the difficult times, bringing their metabolism nearly to a halt. They wake up to new spring having lost weight and energy and paid a hefty price," he said. "Others take precautionary measures as they can and try to get by with the energy they get from shivering. "We still need to find ways to get though this crisis in the second way. Despite all that is happening, Turkey still has a serious chance [to manage the situation]."
Despite the crisis, İşbank is determined to continue growing. Özince said the bank is opening several new branches this year and aims to grow its balance sheet to at least $100 billion this year. "As a bank listed on the Istanbul Stock Exchange we are working to grow our balance sheet. We need to exceed at least $100 billion. So far we have not reached that sum, but are very close to it."
"In the real sector, and especially financing small-and medium-sized enterprises, İşbank has no competitors. In retail banking the situation is different. In loans we are preferred. But in terms of assets, and especially timed deposits, citizens prefer whatever bank offers the highest interest," said Özince.