ING Groep NV (INGA)’s Turkish banking unit signed an agreement with the Istanbul-based textile and ready- wear exporters association to provide $500 million of loans to more than 9,000 of the group’s members.
ING Turkey will also provide consulting services for member companies of the Istanbul Textile and Apparel Exporters Association for their investments abroad and to help with their trade with foreign firms, it said in a statement today.
“We are ambitious in terms of supporting exports,” said Pinar Abay, chief executive officer of ING Turkey. “We want to be the Turkish bank providing the most support for companies involved in foreign trade.”
ING Turkey expects 30 percent growth in loans for small and medium-size businesses and commercial banking in 2012, while 55 percent of that will come from lending to exporters, Abay said.
ING Bank Turkey also plans to triple profit this year, Abay told Bloomberg Television in Istanbul today.
To contact the editor responsible for this story: Dale Crofts at firstname.lastname@example.org