Bank relocating its Gulf operations to Bahrain

Manama, Apr. 18 (BNA): Kuwait-Turkish participation Bank Inc. (Kuveyt Turk), Kuwait Finance House’s leading subsidiary in Turkey, has announced the relocation of its Gulf operations and staff to Bahrain. Following the move, KuveytTurk Bank will centralize its regional treasury activities out of Bahrain under its existing wholesale banking license. KuveytTurk, with the support of Kuwait Finance House’s advanced network and experience in interest-free banking, has acted as a bridge for Turkish investors looking to grow internationally, especially within the Gulf Region. At the end of 2016, KuveytTurk Bank had paid up Capital of TRY 2,787,322,000 and an equity of approximately $1.2 Billion (4.2 billion TRY), and is looking to expand its services in the GCC region over the next three years. In 2015 KuveytTurk also set up the first and only Islamic Bank in Germany named as KT Bank AG Germany. KT Bank AG have also started to play an important role for the trade business between Germany and GCC countries. KuveytTurk joins a number of other leading Turkish companies operating in Bahrain. This includes several prominent Turkish banks, including Yapi ve Kredi Bankas? A.S., Vak?fbank Turkiye Vakiflar Bankasi, Finansbank A.S., Kuwait Turkish Participation Bank Inc., Turkiye Halk Bankas? A.S, Denizbank A.S., ING Bank A.S., Turkiye Finans Katilim Bankasi A.S., T.C. Ziraat Bankasi A.S. and Turkiye Is Bankas? A.S. Bahrain has proven to be a popular place for Turkish companies, with over 1,000 Turkish employees residing and working in Bahrain. Cetin Yurttaser, Director of KuveytTurk Bahrain said: "We had presence in other Financial Centres within the Region and experienced that Bahrain has the best legal and regulatory infrastructure supported by the Central Bank of Bahrain therefore have decided to move back and centralise our GCC Treasury activities within Bahrain" Khalid Al Romaihi, Chief Executive of the Bahrain Economic Development Board (EDB) said: "We are pleased to welcome KuveytTurk Bank to Bahrain and believe it is testament to the growing ties between our two countries. "The economic change we are seeing across the GCC is helping to create exciting opportunities for international investors and the expertise and scale of Turkish companies mean they are well placed to play an important role in the region in the years to come."