Turkey's largest private bank is rumored to be planning to set up an office in Hong Kong

The Zhitong Finance App learned that Turkiye Is Bankasi, Turkey's largest private bank, plans to set up an office in Hong Kong, according to people familiar with the matter. If the bank's plan is realized, this will be the first time that the Bank of Turkey has set up a branch in Hong Kong.

The report said that the bank's board of directors approved the expansion plan in Hong Kong two months ago and is awaiting approval from the Turkish authorities, after which it will formally apply for a banking license from the Hong Kong Monetary Authority. If the approval process goes well, the bank plans to start doing business in Hong Kong in about a year. The report mentioned that the bank has begun evaluating potential office locations in major commercial districts, including Central. It is expected that the initial scale will be small, with about 20 employees, mainly engaged in corporate banking and trade finance services.