Changing focus and synergies
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which has stimulated economie growth. Considering thatTurkey
went through a financial crisis as recently as 2001-2002, it's fantastic
to see how much progress has been made in such a short period of
time. Interest rates have been reduced from more than 50% to
around 15%, economie growth was almost 10% in 2004 and is
expected to be around 5% in 2005, and a target has been set to
restrict inflation to 8% this year. Stability has become the new norm.'
Along with stability come opportunities for growth in a variety of
sectors. 'Within Turkey's retail banking market, mortgage lending
currently accounts for just 0.5% of GDP, whereas it can be anything
up to 100% in more developed markets,' says De Roo. 'Similarly,
SMEs produce around 50% of Turkey's GDP, but currently account
for only 4% of business loans. There is, therefore, massive room for
swift development in both of these areas, as well as several others.
Moreover, there is plenty of room for further development in the
country's agricultural sector and tourist industry, for example, as well
as the construction industry, where demand for housing is currently
twice as great as supply.'
Sekerbank has traditionally been a lender to corporate and
commercial clients, but in the past few years it has increasingly
focused on developing its retail activities through new products and
automated services. 'Rabobank could really be of great support to
Sekerbank. At first, by advising on how to repair several weaknesses
that were identified during the due diligence, but going forward
especially with the use of all the expertise that
Rabobank can offer concerning the development
ofa retail bank with a strong customer focus,'
says Paul van de Ven, Senior Manager Business
Development for Rl.
'As a start, we've earmarked various personnel to
assume executive management positions within
Sekerbank,' Van de Ven continues. 'Coen van der
Lubbe will assume the role of CFO at Sekerbank,
Tahsin Sagisman will become Deputy General
Manager and Ben Scholten (currently General
Manager of one of the leading member banks in
the Netherlands) will take responsibility for
managing the bank's branch network.'
Any strongly-developing market needs young
people willing to act as entrepreneurs, and more
than half ofTurkey's 70 million population is
under the age of 25. 'A predominantly youthful
population only adds to the Turkish market's
potential,' De Roo explains. These young, well-
educated people not only provide the fuel for
economie growth in the country as a whole, but
we will also be aiming to attract and retain the
most qualified employees with the best
prospects to work with us.'
Harry de Roo
