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Turkey's Credit Eruope shifts focus from retail to medium-sized companies

Autor: Liviu Chiru

16.03.2011, 23:43 22

With a new management team, Turkish Credit Europe also changesstrategy, with the focus now on medium-sized companies instead ofretail, while alternative channels will make up for newoffices.

Credit Europe Bank, a medium-sized bank controlled by Turkishbillionaire Husnu Ozyegin, for this year budgeted 5.4m-euro income,up 50% from 2010, while assets should stall at 1.2bn euros.

"We're not targeting general asset or market share growth. However,we want to grow on certain selected segments, on the corporate onein the areas of production, textiles, agriculture and energy, andon retail in cards and savings products," said Omer Tetik,appointed last November as chairman of the bank, during a pressconference organised for the presentation of the 2011 strategy andof the new management team.

Unlike retail, where many branches are needed to sell low valueloans, in the area of companies significantly larger deals can besealed. In the future, distribution will be mainly carried outthrough alternative channels, in which 1m euros has already beeninvested for development, and which should make up for the lack ofa very dense territorial network.

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