Akbank to expand in Gulf region

Nicosia: Akbank TAS, a Turkish bank part- owned by Citigroup, plans to expand its corporate and investment banking in the Gulf and is considering opening an office in Russia.

Akbank will use its representative office in Dubai as a platform to grow in the Middle East region and may consider retail banking, "if we think the market is there", Chairman Sabanci said.

Organic growth

She added that the Turkish government should do more to encourage foreign direct investment, "entrepreneurship" and small and medium-sized businesses. Turkey's fiscal and monetary policy is, "very strong," she said.

Akbank plans to grow "organically" in Turkey and will only consider acquisitions should "it create long-term shareholder value," Sabanci said.