ISTANBUL - Turkish Daily News
Internationale Nederlanden Group, or ING, which purchased Turkey's Oyakbank last year, completed a campaign to promote the name change as of yesterday.
The bank will operate in Turkey as �ING Bank� from now on. �We prepared a budget of 14 million euros for this transformation process, which took six months. This includes expenditures such as signboards, stationery expenses, card changes and shipping,� Hakan Eminsoy, chief executive officer of ING Turkey, said at a press conference in Istanbul yesterday.
ING, which bought Oyakbank from Turkey's military pension fund Oyak last year for $2.7 billion, aims to double its 3 percent market share in the next five years, said Eminsoy. �We aim to increase our loan size to YTL 49 billion by 2012 from YTL 11.4 billion in 2007,� he said. �We also plan to open 150 new branches in the next three years and hire 2,500 people.�
The Dutch lender aims to raise its deposits to YTL 30 billion in 2012 from YTL 9 billion in 2007. �ING Turkey increased its corporate lending by 40 percent in the first half of 2008,� Eminsoy noted.
ING Bank is also planning to launch an operation center and employ 1,000 staff there.
Closing branches in bases:
Before it was sold to ING, Oyakbank was the only banking service provider inside military bases and barracks, thus enjoying tens of thousands of military customers. After the sale to ING, military units were free to choose which bank could open branches in their bases, thus triggering a race among major Turkish banks.
�We are starting to close former Oyakbank branches at military bases after 60 percent of army members have stopped receiving their incomes via Oyakbank in the first half of this year,� Eminsoy said. �ING will likely repeal all its military contracts by the end of the year.�
Despite a tiresome takeover process, ING Turkey's size reached YTL 12.5 billion with a 6.1 percent increase in terms of balance sheet while the company profited YTL 135 million, an increase of 29 percent compared to last year. ING Turkey has 6,111 personnel, 352 branches and 810 automated teller machines, or ATMs, as of July.
With 1.3 trillion euros worth of total assets and 40 billion euros in equities, ING is the ninth biggest company in the world. The giant lender has 130,000 employees in 50 countries.