Turkey to be 5th important market of BNP Paribas

Jean-Paul Sabet, the Turkey Chairman of BNP Paribas, said on Monday that Turkey would be the 5th important market of BNP Paribas.
Sabet addressed a news conference where targets of new TEB, which was formed after merger of TEB and Fortis, were discussed.
He said BNP Paribas was currently operating in 84 countries, indicating that BNP Paribas ranked the 5th among the international banks in consolidated net profit in 2010.
Underlining that Turkey was an important market for them with its crowded population, well-educated human resources and its potential in banking sector, Sabet said they wanted to benefit from Turkey which is a passage point in geographical means.
"Turkey will be the 5th important market of BNP Paribas after France, Italy, Belgium and Luxembourg," he said.
Sabet said total cost of the merger would be 300 million lira till the end of 2013, and noted that the savings that would be obtained from the merger would amount to 200 million lira in 2013.
TEB Director General Varol Civil said they were willing to increase the banks current 604 branches to 650 in the next three years.
BNP Paribas Corporate & Investment Banking (CIB) provides financing, advisory and capital markets services. It is a globally recognised leader in two areas of expertise: derivatives on all asset classes, and structured financing. BNP Paribas CIB also has a solid corporate advisory network in Europe and Asia.