Mubasher: Burgan Bank said that its business in Turkey remains vigilant with regards to the volatility in Turkey, according to an official statement.
The bank’s Turkish subsidiary, Burgan Bank-Turkey is currently not witnessing any material impact on its profitability; Burgan Bank continues to closely monitor the effects of the recent volatility of the Turkish currency and the domestic interest rates’ impact on borrowers and on the economy in general, the statement added.
“We are firm believers in the Turkish economy. Its fundamentals are solid and we are in for the long term. We have the same commitment levels towards our customers and we will support them during these times of stress,” the chairman of Burgan Bank Majed Essa Al Ajeel, said.
He added, “Burgan Bank Turkey is adjusting well to its current operating environment. At present, we are not witnessing any major impact on our operations there. We are profitable and our liquidity is at sound levels.”
Burgan Bank has hedged investments in the Turkish subsidiary’s capital three years ago; a move which protected us against the current depreciation in the Turkish Lira. Al Ajeel said.
Burgan Bank-Turkey monitors its clients’ sensitivity to foreign-exchange rates to anticipate any potential deterioration in credit, and also to facilitate the clients’ ability to continue to service their loans.
