Albaraka Turk Gains After Dunya Report of Gulf, Balkan Expansion

Albaraka Turk Katilim Bankasi AS (ALBRK), a Turkish Islamic bank, climbed after Dunya reported it would expand into the Middle East and Balkans, citing Chief Executive Officer Fahrettin Yahsi.

The shares added 1.6 percent to 1.96 liras at 11:25 a.m. in Istanbul, heading for their highest on a closing basis in three weeks. Shares on the overall banking index fell 0.3 percent to 116,770.2.

Albaraka, which is majority owned by Bahrain’s Albaraka Banking Group (BARKA), has opened a branch in Erbil, northern Iraq and is planning expansion into Qatar, Bahrain, Dubai, Germany, Kosovo and Bosnia, the newspaper reported, citing Yahsi.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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