Posted on 14 February 2011
Turkish banks’ value rises
ISTANBUL – As market value of the world’s banking giants erode due to the financial crisis, Turkish banks leapt forward in 2008. The “Global 500 Financial Brands” survey by Brand Finance and The Banker magazine, revealed over the weekend, showed nine Turkish banks ranking with global giants.
Turkey’s Isbank was the bank that leapt most in the ranking for 2008. As global giants such as Lehman Brothers and Bear Stearns bankrupted and rivals such as Citigroup and Merrill Lynch eroded in market value, Isbank ranked as the 84th most valuable financial institution of 2008. The Turkish bank stood as 190th in the 2007 list. The market value of Isbank rose to $1.2 billion, from $557 million in 2007, the survey showed.
Halkbank and Türk Ekonomi Bankasi, meanwhile, were able to make it to the list for the first time, as 224th and 323rd, respectively. Vakifbank, Finansbank and Denizbank also made it to the list. Of the nine Turkish banks ranked, seven were awarded “A” in brand value in 2008.
The global list includes 500 banks from 62 countries. The best financial brand remained unchanged as HSBC, despite its brand value falling from $35 billion to $25 billion. The British banking giant was the only brand that retained the “AAA+” brand value.
Citigroup, which ranked as the second in 2007, retreated to number seven, while Bank of America rose to the second place. Bank of America had acquired Merrill Lynch for $50 billion last year.
The 500 financial institutions lost 51 percent of their market value in total, which stood at $3.9 trillion. A total of 209 financial institutions, many from the developed world, which made it to the 2007 list were absent from the 2008 list. The ranking included 105 U.S. banks, while banks from Kazakhstan, Mexico, the Philippines, Pakistan, Venezuela and Nigeria made it to the list.
Hürriyet Daily News 2 February 2009