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November 4, 2010updated 04 Apr 2017 1:09pm

Isbank to snap up Bank of Sofia

Turkeys largest private sector lender, Isbank, is to snap up regional Russian lender, Bank of Sofia, in a deal worth around $40m. The acquisition is the first post-crisis deal between a commercial bank in Russia and an international lender. Isbank deputy director general Aykut Demiray said: "Isbanks business strategy is to expand its retail and commercial banking services in unsaturated markets by buying small-sized banks."

By Duygu Tavan

Turkey’s largest private sector lender, Isbank, is to snap up regional Russian lender, Bank of Sofia, in a deal worth around $40m.

The acquisition is the first post-crisis deal between a commercial bank in Russia and an international lender.

Isbank deputy director general Aykut Demiray said: “Isbank’s business strategy is to expand its retail and commercial banking services in ‘unsaturated’ markets by buying small-sized banks.”

Demiray stressed that its retail banking focus will remain on Turkey.

“In Turkey, there are on average 13 bank branches for every 100,000 customers,” he added.

“In Europe, the average number of bank branches per 100,000 customers is 45. We still have a long way to go [to achieve our business potential].”

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