Posted on 14 February 2011
British Companies Give Turkey Vote of Confidence
Aviva, better known as Norwich Union, the largest UK insurer, is expanding its life and pensions business in Turkish market though a merger with joint venture with Akbank. Aviva’s Turkish expansion is the latest move in a fast-growing market that is becoming increasingly attractive to outside investment.
Cadbury Schweppes has also announced that it was spending £225 million on buying Intergum, which has a 46 per cent share of the Turkish chewing gum market.
Last year Vodafone entered Turkey when it took over Telsim for $4.6 billion (£2.3 billion) to become the second-largest telecoms operator in the region with 13.6 million subscribers. Arun Sarin, the chief executive of Vodafone, has described Turkey as a “key country” for the business, although the country’s telecoms regulator recently delayed the sale of four third-generation (3G) licenses from May to September after the general election moved up from November to July.