Akbank, Mizuho to Cooperate in Commercial, Investment Banking

Akbank TAS (AKBNK), the Turkish bank part- owned by Citigroup (C), signed an agreement with Mizuho Corporate Bank Ltd., a unit of Mizuho Financial Group Inc. (8411), Japan’s third- largest lender by market value, to cooperate in commercial and investment banking.

Akbank and Mizuho Corporate Bank Ltd. will provide services to Japanese companies operating and investing in Turkey and which are in commercial activity with Turkish companies, Akbank said in an e-mailed statement today. The two banks will also provide services in project financing and money transfers both in Turkish lira and foreign currency.

Mizuho Corporate Bank Ltd. has a “desire” to get a bank license in Turkey or acquire a stake in a Turkish bank, Yasuhiro Sato, chief executive officer of parent Mizuho Financial Group Inc., said June 4.

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

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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