ISTANBUL: Intesa Sanpaolo, Italy's biggest retail bank, has applied for a Turkish banking licence and plans to open branches mainly in large cities, Star newspaper reported on Wednesday.
Intesa applied for the licence a few months ago and the state Banking Regulation and Supervision Agency (BDDK) is due to make a decision soon, the Istanbul-based daily said, citing unnamed BDDK officials.
The Italian lender plans to open branches initially in Istanbul, Ankara and Izmir, Turkey's three biggest cities, and will then expand to other provinces, Star said. Its focus will be on consumer and commercial loans, it said.
Intesa could not immediately be reached for comment.
If approved, Intesa would become Turkey's 50th bank and the first in 12 years to begin operations from scratch in Turkey, Star said. Other European and US banks are also interested in acquiring licences in Turkey, it added.
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