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Wed, 10 Feb 2010 | 12:58 GMT
Wed, Feb 10, 2010, 12:58 GMT
 

KFH-Turkey gets nod for branch in Germany

Arab Times
 
 
18 March 2009
KUWAIT CITY: Kuwait Finance House's (KFH)Kuwait Finance House's (KFH)Loading... CEO Mohammed Al-Omar announced that Kuwait Turkish Participation Bank (KFH-Turkey) obtained the necessary permissions from Turkish and German authorities to transform the Germany agency to a financial services branch, which KFH-Turkey intends to fully use this year to cater to Muslims in Germany and Europe. KFH-Turkey will continue to seize the opportunities in the Gulf region by launching KFH-Turkey's Dubai branch, the opening of which KFH-Turkey began preparing last year, in addition to KFH-Turkey's Bahrain branch, which has achieved tremendous success as a foreign branch.

Al-Omar stressed in a press release after the meeting of the board of KFH-Turkey that the Turkish economy is rich and diverse. It also allows expansion due to its prime location among strategic countries in Europe and Asia. This leads to cementing KFHKFHLoading...'s presence in Turkey, since such advantages were behind establishing KFH-Turkey in 1989 to become one of the most important arms of KFH-Turkey to operate in regional and global markets; in addition to playing a prominent role in stretching the opportunities of commercial trade and economic cooperation among the GCC, Turkey, Europe, Central Asian countries, and the former Soviet Union. Regarding the financial statements, KFH-Turkey's total assets increased by 49% to reach 5.768 billion Turkish Lira (TL), equity rose by 76% and the net profit grew by 40% to stand at 104 million TL at the end of 2008. The clients' deposits increased by 39% to reach 4.070 billion TL. Such figures reveal the strength of the Turkish market and its ability to face challenges and sustain high growth rates.

Moreover, Al-Omar stated that KFH-Turkey developed new products and innovated several services that assisted in reinforcing its market share and efforts to occupy a leading spot among the 10 largest banks in Turkey. KFH-Turkey will continue to expand after obtaining the governmental approvals needed to increase the number of branches to 120 that cover Turkey by opening seven new branches in the first six months of 2009.

KFH-Turkey is celebrating the 20th anniversary of its foundation this year. It will continue to leverage its knowledge and experience and follow a customer-based approach by developing new products and services in line with customer expectations, in addition to developing the human resources that increased by 25% by the end of last year. KFH-Turkey will also present more services and products to face the challenges and to cement its status in the Turkish market.

Furthermore, KFH-Turkey will continue with its expansion policy and will focus on the strategic role it plays in developing and reinforcing the economic relations and commercial trade among the GCC and Kuwait on the one hand, and Turkey, Europe and Central Asia on the other.

© Arab Times 2009

 
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