Türk Ekonomi Bankası A.S. (TEB) is pleased to announce, in collaboration with BNP Paribas, the launch of its Securities Services business line in the Turkish market under the label TEB Securities Services, effective as of 3rd December 2007. The expansion of TEB’s asset servicing product line further reinforces its strong market position. The new offer includes clearing and settlement of Turkish securities, safekeeping, comprehensive asset servicing and tax services, as well as associated Turkish Lira cash and liquidity management services to non-resident financial institutions.
TEB Securities Services aims to be the highest quality sub-custodian and service provider in the Turkish market. TEB has already taken the right steps in this direction by recruiting a team with extensive market knowledge and implementing BNP Paribas’ IT platform which has a proven track record of over ten years in Turkey. TEB closely joined forces with BNP Paribas Securities Services to develop this custody offering which TEB will manage as part of the BNP Paribas Securities Services Pan-European network of local clearing and custody services. This structure will enable TEB Securities Services to combine the strengths of a global player with the proximity of a local Turkish agent, which is of great importance in the constantly evolving Turkish market.
TEB Bank’s majority shareholder is TEB Financial Investments, itself a 50:50 joint venture between BNP Paribas Group and Çolakoglu Group.
BNP Paribas Securities Services has publicly stated its strategy to expand business by organic growth, partnership and selected acquisitions. This initiative is further evidence of that strategy in action. TEB Securities Services will benefit from the local teams’ market expertise and management, fortified by BNP Paribas Securities Services’ proven global expertise in technology, product know-how and global relationship management. Global custody clients will also benefit from the scalability and accessibility of the BNP Paribas Securities Services’ network, covering over ninety countries.
BNP Paribas Securities Services is part of the Asset Management and Securities (AMS) division of the BNP Paribas Group and is solely and entirely dedicated to providing securities services. It is a wholly owned subsidiary of BNP Paribas Group and currently maintains a presence in 21 countries around the world offering comprehensive asset servicing solutions.
TEB (Tűrk Ekonomi Bankasi; www.teb.com.tr), is a subsidary of TEB Mali Yatirimlar A.S, that has been a joint venture between Çolakoglu Group and BNP Paribas Group since February 2005. At the end of 2007, TEB covered 41 cities with 274 branches.
NOTES TO EDITORS
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 4 strongest banks in the world according to Standard & Poor’s. The group is present in over 85 countries, with 161,000 employees, including 125,000 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank’s two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
BNP Paribas Securities Services has offered securities services in Turkey since 1996 through a cooperation agreement with first Ottoman Bank and then Garanti Bank until July 2007.
About TÜRK EKONOMİ BANKASI (TEB)
Türk Ekonomi Bankası (TEB), a reputable and prestigious institution in the Turkish banking sector, was established in 1927. With 81 years of indepth knowledge and expertise, TEB is one of the oldest and trustworthed actors in the Turkish finance sector, specialised in foreign trade, corporate, investment and private banking. Since its establishment, TEB, with its expanded network of branches and a diversified range of products and services, pursues operating in various fields of the banking sector as investment, leasing, factoring, insurance and portfolio management. Türk Ekonomi Bankası is one of the highest-rated banks in its respective category in Turkey.
TEB Mali Yatırımlar A.Ş., which owns 84.25% of Türk Ekonomi Bankası that went public in February 2000, signed a partnership deal on 10 February 2005 with BNP Paribas. TEB Mali consists of Türk Ekonomi Bankası and its subsidiaries: TEB Yatırım (investment), TEB Leasing, TEB Factoring, -TEB Sigorta (insurance), TEB Portföy Yönetimi (portfolio management), and TEB NV, the Durch subsidiary which operates in Amsterdam. In 2007, partnerships have been established between TEB and BNP Paribas’ subsidiaries: Cetelem (consumer credit), Arval (long-term management of cars and light trucks) and UCB (mortgage financing).
In the wake of its partnership with the BNP Paribas, Türk Ekonomi Bankası carries its expertise in foreign trade, corporate, commercial and private banking over into the fields of retail banking and banking for small and medium-sized businesses. TEB’s new vision is to focus on sustainable growth and profitability. To reach this aim TEB managed successful attempt to mass banking. The number of TEB branches, which was 87 by the end of 2004, is near 280 as of today.
The first outcome of TEB’s partnership with the BNP Paribas manifests itself in the international outlook it offers its customers by providing them with consultancy and banking support in foreign trade by means of the Trade Centers opened in İstanbul, Ankara, İzmir, and Adana in Turkey to join a network of 85 other Trade Centers throughout the world. With this partnership, TEB has also begun to establish Turkey Desks in countries where Turkish entrepreneurs operate extensively.
For further information, please contact:
Shani Halstead, Corporate Communications London +44 (0)20 7595 2436
Hélène Delannoy, Group Communication Paris +33 (0)1 40 14 66 28
Ilias Catsaros, Corporate Communications, London +44 (0) 207 595 2215
Serra Turk, TEB Head of Corporate Communications +90 212 244 9111 (5315)