Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: karaokemark on February 24, 2015, 21:12:55 PM
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http://www.hurriyetdailynews.com/hsbc-problem-spots-brazil-mexico-us-and-turkey-have-1-2-years-to-prove-worth-ceo.aspx?pageID=238&nID=78792&NewsCatID=346
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Yes an interesting, but perhaps not surprising, article. Like Tesco has found, if you are not a 'Turkish' company it is hard, indeed very hard to do business in Turkey and make a return you would expect from a fast growing economy. As regards HSBC they have other places, and indeed parts of their business, that could use the investment currently spent in Turkey. I suspect that what attracted HSBC to invest was the fact that the Turkish economy was growing fast, but that it has proven hard to make this profitable over time, in firstly a very crowded banking sector, and perhaps more importantly a market place where, as usual, only Turkish companies win, usually because of political or social connection.