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British Companies Give Turkey Vote of Confidence

Posted on 14 February 2011

Date: 19/06/2007
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.

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