Akbank, Turkey’s most valuable bank and company in terms of market capitalisation, has commenced the operations of its Dubai office at the Dubai International Financial Centre (DIFC).

Akbank (Dubai) Limited is the first Turkish Bank to set up at DIFC.

It aims to become one of the preferred consultants in Investment Banking & Corporate Finance in the region by leveraging the expertise and knowledge of its parent company and its local staff in the Dubai office, headed by Cem Ataç, who experience in the banking sector throughout the region, a statement said.

Ahmed Humaid Al Tayer, governor of DIFC, said: “We are very happy to welcome Akbank, Turkey’s largest bank in terms of market capitalisation to the community of financial institutions in DIFC.

“Akbank’s decision to establish a presence in DIFC to target the regional market supports the process of deepening the already robust economic ties between the UAE and Turkey. Akbank’s move also reflects the continued confidence of the global financial industry in Dubai and DIFC and the financial services opportunities that the Middle East and GCC regions offer.”

“DIFC is the ideal platform for Akbank to launch its operations in the region, particularly as Turkish-GCC business relations continue to grow positively,” said Abdulla Mohammed Al Awar, CEO, DIFC Authority.

“We are delighted to welcome Akbank to the DIFC family and look forward to a fruitful relationship that will bring these two high-potential markets closer together. The establishment of Akbank’s office in DIFC demonstrates the economic strengths of both Dubai and Turkey and re-affirms the vast potential of the region’s financial industry,” said Abdulla Mohammed Al Awar.

Suzan Sabancı Dinçer, Akbank chairman and executive board member, said: “Turkey’s relations with its Middle Eastern neighbours have been on the rise, with the region becoming Turkey’s second most important trade partner after Europe. Today, more than ever, Turkey and GCC countries have ever increasingly common interests.”

“We believe that, it is up to us, business leaders, to make this strong relationship even stronger. As the leading Turkish Bank, our international strategy encompasses reaching towards both the West and the East in line with Turkey’s national endeavour as the integral bridge between Eastern and Western parts of the world,” she added. – TradeArabia News Service