Turkey's Isbank CEO sees challenges ahead, November rate cut [Yahoo! Finance Canada]
BIDVEST GRP LTD S/ADR (BDVSY)
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Source: Yahoo! Finance Canada
By Ebru Tuncay ISTANBUL (Reuters) - Turkish banks will pay the price throughout next year as challenges linger from the country's economic turnaround, the chief executive of lender Isbank said in an interview, adding he expects the central bank to begin cutting interest rates this November. CEO Hakan Aran told Reuters that Turkey's largest private bank by assets plans to expand its footprint in payment system infrastructure, digital platforms and service banking, where it will make new partnerships and acquisitions abroad. The growth plan comes as Isbank marks its 100-year anniversary, and as Turkish authorities seek to stamp out soaring inflation with high interest rates and other tightening measures that have squeezed financial-sector balance sheets. "I think difficulties will also continue throughout 2025. We all will continue to pay the price for the sake of ensuring price stability and lowering inflation," Aran said in the interview at Isbank's Istanbul headquarters. "
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