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Finance

Banking and Financial Sector

Finance

The Turkish financial sector proved to be resilient thanks to legislative reforms and structural changes in the government as a result of the country's financial crisis even in the early 2000s during the global financial turmoil of 2009 and the subsequent economic crisis. In fact, sector reforms have boosted investor confidence so much that the industry has attracted $ 51 billion over the past 15 years.

Banking dominates the Turkish financial sector, accounting for more than 70 percent of total financial services, but also insurance services and other financial activities have significant growth potential. There are 51 banks in Turkey (33 deposit banks, 13 development and investment banks and 5 investment banks). Of these 51 banks, 21 have significant foreign capital (30% of total assets are held by foreign investors).

The Turkish insurance market is still under-saturated in comparison to peer countries (1.5 percent of GDP). With branches of new insurers securing a share in the relatively untapped Turkish market, it will soon begin to realize its considerable potential. Turkey is currently experiencing strong economic growth, partly driven by a young and dynamic population increasingly in need of financial products and services.

An important driver of the Turkish financial sector is the country's robust economy. Over the last 15 years, the Turkish economy has grown at an average annual growth rate of 5.7% of real GDP - and this growth momentum is likely to continue.

The economic expansion of Turkey has led to an increase in income and a burgeoning middle class with increasing purchasing power.

In the course of its development, the Turkish economy integrated into the world economy and recorded a dramatic increase in its international transaction volume. These developments have further boosted economic activity, thus expanding financial activities.

Turkey has also set specific economic goals to be achieved by 2023, the centenary of the Republic. One of these goals is to make Istanbul a major financial center. The large and young population of Turkey, skilled workforce, rapidly developing markets and geostrategic location make Istanbul an ideal candidate for an international financial center. Since the government launched the Financial Center Istanbul project, the city has made rapid progress and is now considered one of the emerging financial centers of the world.

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