A new bank from the Gulf is joining the Turkish financial system. One of the most powerful Bahrain-based banks, the Bank of Bahrain and Kuwait, has decided to operate in Turkey. Bank CEO Riyadh Yousef Sater said their plan was to enhance their international commercial activities, which was why they decided to enter the Turkish financial sector. Sater said that as a first step, they were in the process of approval to open a representative office.
The Bank of Bahrain and Kuwait will be the second Bahrain-based bank to enter the Turkish market. The other Bahraini bank operating in Turkey is the Manama-based Alubaf Arab International B.S.C. Established in 1971 with collaboration between Kuwait and the Kingdom of Bahrain, Alubaf Bank started operating in order to improve the commercial ties between the two countries. Kuwait, Saudi Arabia and Qatar-based financial institutions have sped up the purchase of banks in Turkey over the past eight years.
Since purchasing 40 percent of the Turkish bank, the Kuwait-based National Bank of Kuwait has established one of the first crucial stake purchases, later incorporating Kuwait-based Burgan Bank and Eurobank. Over the past two years, the Qatari-based bank has marked out the Turkish financial sector. While Anadolu Endustri Holding sold 70.84 percent of Alternatif Bank to Commercial Bank of Qatar, Qatar National Bank bought Finansbank for 2.7 billion euros.
