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At the start of the decade, the sweet spot for Turkey’s banks was unquestionably retail lending. Margins were high, growth was stellar and consumer appetite seemingly insatiable. Then in 2013, alarmed by rising household leverage, the Turkish government clamped down hard on the segment, bringing the party to an end and leaving banks searching frantically for a new source of growth and profits.
With limited opportunities in the highly competitive corporate segment, attention turned to small and medium-sized enterprises, a large and under-banked sector.
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