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The HSBC Group opened its first office in Turkey in 1990. Since that time, HSBC has become an established and successful provider of financial services, offering banking, fixed income, mutual funds and stockbroking services to personal, corporate and institutional customers. HSBC has built a strong reputation for its understanding and knowledge of the unique needs of customers in Turkey.
In October 2001, HSBC acquired Demirbank TAS, the fifth largest private bank in Turkey, and its wholly-owned stockbroking and fund management subsidiary, Demir Yatirim.
The merger of HSBC Bank A.S and Demirbank was successfully completed in December 2001. The combined bank, HSBC Bank AS, has a network of 187 branches and offers a comprehensive range of products and services to corporate, commercial and personal customers. In addition to a nationwide network of branches, HSBC offers telephone banking, internet banking and ATM services in Turkey.
On 8 August 2002, HSBC Bank A.S had signed a Sale and Purchase Agreement for the acquisition of Benkar Tuketici Finansmani ve Kart Hizmetleri A.S. (Consumer finance and card services) and the Advantage brand from Boyner Holding A.S. The purchase of Benkar was completed on 19 September 2002.
Through the acquisition of Benkar, HSBC is complementing its extensive financial services portfolio in Turkey and will now provide HSBC customers with instalment cards. At the same time the bank will provide qualifying Advantage card customers with an international credit card and other banking services.
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