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| ISTANBUL - Turkish Daily News Mustafa Boydak, chairman of Turkey's newest financial institution, Türkiye Finans Katılım Bankası, announced the bank's new structure yesterday at a press conference in Istanbul. Anadolu Finans and Family Finans, two leading special finance banks in Turkey, merged at the end of 2005 under the name of Türkiye Finans Katılım Bankası (TFKB). Consolidation in financial services moved to the interest-free sector when the Ülker Group decided to merge its Family Finans with the Boydak Group's Anadolu Finans, creating a bank with a paid-in capital of YTL 250 million and 108 branches. The Ülker and Boydak groups each hold equal shares in the venture and say they hope to strengthen their ability to work with domestic investors as Turkey forges ahead in the ranks of global economic powers. The new bank leads the special finance sector in Turkey with a 31 percent market share and ranks as the country's 12th largest private bank overall. Bizim Menkul Değerler, a brokerage unit of Ülker Group, was licensed by the Capital Markets Board (SPK) to launch on the Istanbul Stock Exchange in January, the country's first Islamic exchange-traded fund. The Dow Jones Islamic Market Turkey Index underlies the fund, DJIMTR, was created for investors who wish to invest according to Islamic investment rules. This is a market Boydak believes will grow in Turkey, and he announced plans to establish 17 new branches this year as a sign of his faith in the market. We merged for Turkey, and we will share our resources with Turkey, said Boydak. Boydak Holding started as a small workshop in Kayseri and has grown into a conglomerate comprising 22 companies and an export network spanning 70 countries. Managed by the founders' six sons, the conglomerate includes a bank, a transport company, a trading arm and Turkey's largest cable factory. At its center, however, are the country's two most famous furniture brands, Istikbal and Bellona. The yellow and blue label of Istikbal and the turquoise banner of Bellona today can be found in all Turkish towns, with more than 1,000 Istikbal shops and more than 600 Bellona stores. Boydak Holding employs more than 12,000 people and in 2004 had total sales of $1.2 billion. The Ülker Group is one of the largest conglomerates in Turkey, manufacturing primarily food products. |