Akbank Board Chair Suzan Sabancı Dinçer says that we are in a period when the dynamics of the global economy have changed. She believes that, even if this change has had a short-term negative impact on Turkey, the medium-term prospects are sound. “The international financial markets will stabilize again. If we apply intelligent policies then the capital inflow into our country can accelerate again,” says Dinçer, adding that Akbank has not made any revisions to its targets. Dinçer notes that there are many opportunities for rapid growth in banking and says: “We have an organic growth strategy. We particularly believe that a foreign partner would be a bind for us.” We spoke with Akbank Board Chair Suzan Sabancı Dinçer about the global markets, their effects on Turkey and Akbank’s realities.
The first eight months of 2013 have passed. How do things look?
- It is the composition of growth that is important now. It is particularly important for Turkey to achieve high, sustainable growth. Turkey needs a more balanced relationship between consumption and investment. During this process we should plan to reduce our structural current account deficit in stages until it reaches a reasonable level.
Turkey started the year in a positive frame of mind but now things have become more negative. How do things look from your perspective?
- Even if the direction of the flow of funds changed from May onwards and Turkish Lira denominated instruments suffered a parallel loss in value, there has been a visible recovery since the beginning of September. Turkey’s medium-term growth prospects remain sound. The current account deficit is still high but, particularly when the gold trade is excluded, it is declining. In the future, the Turkish economy will grow in a manner that will make investments productive. The international financial markets will stabilize again. If we follow intelligent policies then capital inflows into Turkey can accelerate again.