Burgan Bank Seeks Growth in Turkey in Wealth, Commercial Banking

Burgan Bank SAK (BURG), Kuwait’s third- largest lender by assets, is seeking to expand in Turkey, Chief Executive Officer Eduardo Eguren said.

“The opportunity to grow inorganically will come when we have a profitable proposition,” he said in an interview in Istanbul yesterday.

Burgan Bank SAK is also interested in acquisitions in the Asian market, Eguren said. The bank bought 99.3 percent of Istanbul-based Eurobank Tekfen AS from Greece’s Eurobank Ergasias SA on Dec. 21 in a 627 million-lira ($353.7 million) deal. Burgan is also seeking to boost its loan book by 24 percent to 25 percent this year in Turkey to 4.5 billion liras, concentrating on small and-medium-sized businesses, wealth management and commercial banking, Eguren said.

Persian Gulf lenders are seeking opportunities to expand in Turkey. Commercial Bank of Qatar QSC started talks to buy 75 percent of Turkey’s Alternatifbank AS and aims to complete discussions in March, the lender said. Qatar National Bank SAQ, the Middle East’s biggest lender, may be targeting Finansbank AS, owned by National Bank of Greece SA, according to analysts such as Ovunc Gursoy atr Yapi Kredi Yatirim Menkul Degerler.

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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