Struggling HSBC Turkey aims for 20 percent growth in 2015

Despite recent difficulties, HSBC Turkey aims to achieve 20 percent growth in its corporate and commercial banking services, according to a report in the Hurriyet daily on Sunday. The UK lender’s Turkey group, which has around 300 branches and employs over 5,000 people, has been beset by problems, losing more money than any other bank in Turkey last year The bank’s CEO issued a strong warning to the bank’s business in Turkey last month, s

Despite recent difficulties, HSBC Turkey aims to achieve 20 percent growth in its corporate and commercial banking services, according to a report in the Huumlrriyet daily on Sunday.

The UK lender’s Turkey group, which has around 300 branches and employs over 5,000 people, has been beset by problems, losing more money than any other bank in Turkey last year

The bank’s CEO issued a strong warning to the bank’s business in Turkey last month, saying it needs to fix certain problems before more extreme solutions are taken.

Corporate and Commercial Banking General Manager Virma Soumlnmez told Huumlrriyet that the bank is pursuing high growth targets, and aims to close 45,000 accounts that are inactive or have very low balances.

HSBC had also named its Brazil, US and Mexico operations as those that will need to shape up within one to two years or possibly face more serious measures.

quotWe’re involved at the moment in fortnightly calls hellip on Brazil, Mexico, the United States and Turkey, which are clearly the four which present the biggest problems in this regard [improving them],quot CEO Stuart Gulliver told a conference call after HSBC reported a 17 percent drop in pretax profit.

HSBC employs 21,000 staff in Brazil, 17,000 in Mexico and 15,000 in the US, and has pinpointed Turkey as one of its priority growth markets.

SOURCE: TODAY’S ZAMAN