Aareal Bank has officially opened its representative office in Istanbul. The Bank received the licence from the Turkish banking and financial supervisory authority to set up an office in Akatlar, Istanbul's business district. With this move, Aareal Bank is further expanding its regionally diversified loan portfolio.
"Until now, all our Turkish business has been conducted by Turkish staff at our headquarters in Wiesbaden. In response to the growing inter-nationalisation on the Turkish property market, we aim to reinforce our commitment in the region by establishing a local presence," explained Dr. Wolf Schumacher, Chairman of the Management Board at Aareal Bank.
Aareal Bank now boasts a local presence in 14 European countries, as well as the USA and Singapore, and provides property financing solutions in over 20 countries. Representing over 80 percent of its overall activities, new business on the international market defines the Bank's business model.
Aareal Bank has been operating in Turkey since 1999, and was one of the first foreign banks to offer long-term property financing in the country. It has since approved loan applications with an overall volume of 238 million in the land on the Bosphorus. The projects being financed primarily include shopping centres, luxury business hotels, logistics cen-tres and office complexes in the prosperous business hubs of Istanbul, Ankara, Izmir and Antalya.
Source: Aareal Bank