Turkey sees rom for 60 banks to operate in sector

Turkey expects to allow about 60 foreign and local banks to operate in Turkey, as an increasing number of institutions apply for licenses, according to Mukim Oztekin, head of the Banking Regulation and Supervision Agency. "The foreign banks' interest in the Turkish market is rapidly increasing," Oztekin said yesterday in Istanbul, adding that they consider financial strength as the most important criteria and approximately 49 banks are currently operating in Turkey. Oztekin added that Intesa Sanpaolo SpA (ISP), the largest retail bank in Italy, has applied to Turkey's regulator to open a branch, and Bank of Tokyo- Mitsibushi, a unit of Japan's biggest lender Mitsubishi UFJ Financial Group Inc. (8306), has also made a formal application. "Both of these banks meet our criteria," Oztekin said, adding that the Standard Chartered Bank is interested in opening a branch or carry out investment banking activities in Turkey, and South Korean banks were also interested in the issue.