BBK officially inaugurates its first representative office in Turkey
Bahrain’s BBK, has officially inaugurated its first Representative Office in Istanbul, Turkey.
Under the patronage of BBK Chief Executive Reyadh Sater, a ribbon cutting ceremony was held last month, followed by a dinner reception at Ciragan Palace Kempinski Istanbul Hotel. In the presence of key executives from BBK Bahrain headquarter, the reception was attended by Bahrain and GCC diplomats, VIPs and corporate customers.
“Turkey’s international economic status and the increasing mutual trade with Bahrain were key reasons for the Bank’s strategic aspirations of international expansion and diversification. BBK has been engaged with Turkey for more than two decades. However, in the last decade Turkey has emerged as one of the main markets for our Bank outside the GCC, with exposures to leading Banks, Financial Institutions and Corporates. The opening of our office in this historic city of Istanbul is the logical result of our continuing relationship with Turkey,” said Reyadh Sater.
The financial sector in Turkey enjoys a leading position in the world with an ever-growing assets size and strong equity structure protecting it against shocks. Reforms in the financial sector boosted investor confidence that financial services has become the preferred sector for FDI (Foreıgn Direct Investments), attracting over $48 billion during the past 14 years.
“With over 150 financial institutions in Turkey, we are proud to inaugurate the BBK Turkey Representative Office and happy to see our name under the BRSA (Banking Regulation and Supervision Agency of Turkey) as the recent and latest addition to Turkey financial system,” said BBK Chief Representative - Bilgun Gurkan.
The new representative office in Istanbul brings multiple benefits to both BBK and its clients, including the ability for the Bank to liaise with existing and prospective clients in the country and be closer to them, monitor local market developments, and have direct liaison with the Turkish authorities.
With this new opening, and the existing four full-fledged branches in the Republic of India at Mumbai, Hyderabad, Aluva (Kerala) and New Delhi, BBK’s presence extends beyond the GCC. Through its International Banking Department, and through its wholly owned subsidiaries and affiliates, BBK also covers an array of clients in countries where it does not currently have a physical presence.