Türkiye, the 5th largest economy in Europe and the 13th largest globally, represents the most important economic hubs in the world. The country offers unique opportunities for banking businesses, especially given the current climate, as markets around the world are pressing reset.
Türkiye 's leading banking sector has been structured to compliment other global financial markets, and is made up of customer-oriented banks that are pioneering new fintech practices and with the support of highly skilled human capital. Successfully managing the turbulent global economic environment and adverse international market conditions, the Turkish banking sector recorded 26.5 percent growth in 2020 and broke records by achieving a net profit of TRY 60 billion.
There are currently 48 banks responsible for a total of 9,850 branches in Türkiye, 34 of which are deposit banks. As of the start of 2021 participation banking now denotes an 8 percent share in the Turkish banking sector, having continued its rapid growth trend and the sector shows no sign of slowing, aiming to achieve a 15 percent market share by 2025.
Aside from being one of the most developed banking districts in the world, Türkiye 's banking sector offers a rare opportunity in the sector as it continues to maintain tremendous growth potential. With its youthful population (15-34 years old), totaling 13 million, or 16 percent of the overall population (this one of the highest figures in Europe), Türkiye offers significant opportunities for banks to grow, develop and attract new customers.
Retail banking services, including asset management, financing, payments, money transfers and other brokerage transactions, are on a consistent growth trajectory in Türkiye as banks continue to emphasise improving customer experience. As of September 2020, the total number of people using both consumer credit and housing credit in Türkiye exceeded TRY 25 million and the total loan value hit TRY 620 billion in the Turkish market where consumer loans are widely used. Interestingly, there are now more than 77 million credit cards in Türkiye.
The IFC is positioned as a financial ecosystem well equipped to meet both global and regional demands with its invaluable geographical location, Istanbul not only represents a bridge between Europe and Asia, it is also home to a vast pool of highly skilled talents. The IFC is an integrated and versatile ecosystem, acting as a hub for key markets that demand a wide variety of banking services.
The IFC encompasses a wide range of financial organisations such as banking and non-banking financial institutions, capital market corporations and financial investment and portfolio management companies, as well as this the IFC is also home to a growing number of leading fintech enterprises.