State Minister Ali Babacan announced in August 2006 that the headquarters of Ziraat Bankasi and Halkbank would be relocated to Istanbul, part of a broader government push to transform the city into an international financial center.
Babacan said Türkiye also intends to move the Banking Regulation and Supervision Agency (BDDK), the Capital Markets Board (SPK), and the management center of the Central Bank to Istanbul. He cited precedents in other countries, noting that Germany's central bank operates from Frankfurt rather than capital Berlin, and Australia's from Sydney rather than capital Canberra.
A central goal of the initiative is eliminating financial intermediation costs, which Babacan described as critical to Istanbul's emergence as a global finance hub.
Babacan also confirmed that the 2009 annual meetings of the World Bank and IMF boards of directors will be held in Istanbul that autumn, following earlier gatherings in Dubai (2003) and Singapore (2006). He said Türkiye conducted an intensive lobbying effort, with the prime minister, foreign minister, and Babacan himself writing directly to G-7 ministers and the heads of both institutions.
The meetings are expected to draw more than 10,000 attendees, including finance ministers and central bank governors from 184 countries, along with senior figures from the international financial community.
Historical summary. TurkishPress restated this wire report, first published in August 2006, in its own words.