In the long term, the banking crisis will probably be remembered as the beginning of the period when market dominance started passing to foreign banks. The Turkish banking sale season has opened and there are many bargains. “Compared with price-to-asset valuations of around 50% to 60% a year ago, bank valuations have now declined to 15% to 20% of assets,” says Credit Suisse First Boston’s head Turkish analyst, Afa Boran. “We are entering a phase of foreign bank domination,” says Burhan Karacam, chairman of Kocbank, which belongs to one of Turkey’s biggest privately-owned industrial conglomerates.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
