Francisco González: "Turkey and Spain have a great future ahead of them"November 27, 2012
BBVA's Marqués de Salamanca Palace hosted today the Spanish-Turkish meeting Investments and Opportunities in Turkey, organized by the Turkey's Ministry of Economy, the Investment Support and Promotion Agency of Turkey, the Turkish Embassy in Madrid, the Spanish Confederation of Business Organizations (CEOE) and BBVA. Participants at the event included Turkey's Prime Minister Recep Tayyip Erdogan, Spanish Prime Minister Mariano Rajoy, the Turkish Minister for the Economy, Zafer Çaglayan, CEOE Chairman Juan Rosell, and BBVA Chairman and CEO Francisco González.
Francisco González reviewed the progress made by Turkey over the past decade, during which it has achieved great economic and institutional stability. "Turkey is today a great economy with a capacity to attract substantial foreign direct investment and a very attractive market for exports," he said at the event. More than 200 people attended the meeting, including Spanish and Turkish business leaders. Fitch recently raised Turkey's credit rating to investment grade.
With 75 million inhabitants, Turkey has one of the youngest populations in Europe. It also occupies a privileged strategic position in a region with a population of 400 million.
In 2011, BBVA had the opportunity to invest more than €4 billion in Turkey by acquiring 25% of Garanti Bank, making it the biggest Spanish investor in that market. Garanti has a network of close to 1,000 branches, more than 11 million customers and a market share of 13% in the lending business. It is a solid, efficient and profitable bank, with top professionals and innovative products. "Garanti leads the rankings in many of the main indicators of the Turkish banking sector and, in my opinion, it's the best bank in Turkey," he added.
For Francisco González, "our investment in Garanti is exceeding all our expectations."
He added that "like Garanti and BBVA, Turkey and Spain have a great future ahead of them, because both countries have significant strengths and great growth potential." He recalled that Spain is the fourth largest economy in the eurozone, with modern infrastructure and an extensive industrial base, more than 38,000 small and medium-sized exporting companies, and multinationals with operations in diversified high-growth markets with outstanding prospects.
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