Akbank, a leading bank in Turkey in terms of market capitalisation, has received a licence to operate from the Dubai International Financial Centre (DIFC).

The Dubai office is named Akbank (Dubai) and is the first Turkish Bank to set up office at the DIFC. It aims to become one of the preferred consultants in investment banking and corporate finance in the region by leveraging the expertise and knowledge of its parent company and its local staff in the Dubai office. It will be headed by Cem Atac, who has vast experience in the banking sector throughout the region.

“DIFC is the ideal gateway for Akbank to launch its operations in the region, particularly as Turkish-GCC business relations continues to grow positively,” stated Abdulla Mohammed Al Awar, chief, DIFC Authority.

“Akbank will be reaching towards both the West and the East with its best-in-class banking services. Akbank NV (Netherlands) is our base in the West and our Dubai Office will be the centre in the East,” added Suzan Sabanci Dincer, chairman and executive board member of Akbank.

The core competence of Akbank Dubai will be its ability to intermediate in mergers and acquisitions, manage IPOs and dual listings of Turkish companies. It will also act as placement agent or arranger of funds, give advice on financing long/medium term projects and provide private banking services.

“Akbank Dubai aims to act as a catalyst in the development of enhanced economic cooperation and dialogue between Turkey and the GCC, serving the needs of its clients both in the region and in Turkey, by offering the highest professional standards,” said Atac, senior executive officer of Akbank (Dubai) Ltd.-TradeArabia News Service