Wednesday, 3 November 2010
BBVA takes a stake in Garanti Bank
What a smart move by BBVA - what a shame that our UK banks aren't being as strategic in recognising the growth potential in Turkey. Turkey has a vibrant growing economy, with an educated, young population. As one of the few countries that is self-sufficient, it has enormous untapped potential. Other European and US banks have recognised that potential - Citibank, ING and Dexia amongst them, but the UK banks (with the exception of HSBC) continue to shy away from Latin America and the north african countries. The danger is that the UK, as it has in so many other ways will be left behind while the rest of the world surges ahead.