Turkiye Finans Will Grow 25 Percent in 2012, Aksam Reports

Turkiye Finans Katilim Bankası AS, a Turkish bank that operates according to Islamic rules barring interest, will grow 25 percent this year, Aksam reported, citing Chief Executive Officer Derya Gurerk.

The shareholders are committed to increasing the bank’s capital to achieve a capital adequacy ratio that will support this rate of growth, Gurerk said, according to the newspaper.

National Commercial Bank of Saudi Arabia owns 64.7 percent of Turkiye Finans, Turkish Boydak Group 21.6 percent and Yildiz Group 13.7 percent.

Turkiye Finans will have more than 200 branches in Turkey by year-end and Gurerk said National Commercial Bank is “enthusiatic” about growth in the country, Aksam reported.

Istanbul, Turkey’s main city, can easily become a center of Islamic finance, the newspaper cited Gurerk as saying.

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To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net

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