Turkey's Kuveyt Turk says to boost capital to 850 mln TL

Kuveyt Turk Participation Bank decided to increase its capital by 300 million Turkish liras to 850 million TL.

Turkey's Kuveyt Turk says to boost capital to 850 mln TL

Kuveyt Turk Participation Bank decided to increase its capital by 300 million Turkish liras (TL) to 850 million TL. (One U.S. dollar equals 1.58 TL)

A statement by the bank said on Friday that after a meeting of the bank's general assembly, it decided to boost its capital to 850 million TL.

Mohammad al-Omar, chairperson of executive board of Kuveyt Turk, said that the bank kept growing in the Turkish economy.

A capital increase of 55 percent was made in accordance with growth strategy of Kuveyt Turk, he said.

Kuveyt Turk is a Participation Bank established in 1989. The total assets of the banks rose 30 percent year-on-year and reached 22.4 billion USD in 2009. The number of participation bank branches was up 6 percent and reached 560 in 2009. The banks employed 11,802 people in 2009.

The Participation Banks Association of Turkey has currently four members, including Albaraka Turk, Bank Asya, Kuveyt Turk, and Turkiye Finans. The head office of the association is in Istanbul.

The main objective of the association is to defend the rights and interest of participation banks within the frame of the free market economy and full competition principles in direction of the banking system regulations; to carry out the studies and research for the enhancement and healthy functioning of the banking system; to adopt, practice and demand such resolutions be practiced to improve the competitive power, and avoid unjust competition.


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Güncelleme Tarihi: 02 Temmuz 2010, 12:30

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