Turkish hard-discount grocer BIM has decided to submit an application to regulators to establish a participation bank, the company said on Wednesday.
In a statement to the Public Disclosure Platform (KAP), the food retailer said it would apply to the Banking Regulation and Supervision Agency (BDDK) for a banking licence.
The company initially assessed the option of setting up a digital participation bank, but said on Wednesday it opted for a conventional participation banking model, citing broader service offerings and operational advantages.
BIM said a conventional participation bank licence allows for a much wider range of financial services compared with a digital-only one.
It said operations would still be designed to run predominantly through digital channels.
Established in 1995, BIM is the leading food retailer in Türkiye in terms of sales. Alongside its home country, it's currently operating in Morocco and Egypt.
As of the end of 2024, it had a total of 13,583 stores in the three markets, according to its website.
BIM's sales revenues rose by 5% in the January-September period to TL 512.8 billion ($11.97 billion). But its net profit fell by 39% to TL 11.25 billion. The earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 50% to TL 29.4 billion.
The company's net profits fell to nearly TL 18.6 billion last year, compared to TL 22.3 billion in 2023. Its revenues rose to TL 519.6 billion from TL 474.2 billion.
