Turkish Delights - Amazon Simple Storage Service (S3)
Banker’s Business Business Portrait
Simru Sonar San, head of the representative office in Istanbul, really loves her country – it’s full of surprises, she says. Discovering Turkey’s economic intricacies makes her realize there’s so much we can do to serve its financial market. Private Banking EMEA
Text: Angela Harp
Photography: Akad Aytunc
Turkish Delights
On my way to the office I’m constantly reminded not only of Istanbul’s unique beauty, but also of its rich diversity. The architecture alone reflects the various peoples and empires that have ruled the land. Istanbul is most known for its Ottoman architecture but Genoese, Byzantine, Roman, and even Greek forms of architecture remain visible. So, while imperial mosques dominate much of the city’s skyline, a number of historic churches and synagogues stand at their side. It’s no wonder the city was named the European Capital of Culture for 2010. I love being in the middle of things. And as a rep officer this is exactly where I am – in the center of the market. My main job is to stay abreast of new developments, monitor the market from an economic, finan-
8:00 In close contact: Networking is an essential part of Simru’s job.
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Banker’s Business Business Portrait
cial and political point of view, and then report anything that may be relevant to the business back to our headquarters in Switzerland. My team and I have built up a substantial network among various foreign and local financial institutions as well as industrial group companies and conglomerates. I’m also a member of economic and financial organizations like the International Investors Association (YASED), Foreign Economic Relations Board (DEIK), Swiss Chamber of Commerce and Turkish Bankers Association. Turkey’s market is quite dynamic. Considering its population of more than 70 million and its geographical position between Asia and Europe, it is a growing economy and one of the leading emerging markets. In terms of GDP, the growth rate averaged at 7.4 percent from 2002 to 2007, which made Turkey one of the fastest growing economies in the world during that period. GDP growth slowed down to 4.5 percent in 2008, however, and in early 2009 the global financial crisis left GDP growth in the negative. But we expect around 5 to 6 percent growth for 2010. Some of Turkey’s strongest sectors include the service sector, which represents about 65 percent of GDP, agriculture, textiles and automotives. Of course, Turkey is no stranger to economic struggle. It has suffered a lot in the past 20 years due to high inflation. But since the economic crisis of 2001, measures such
as a stabilization program and financial regulatory reforms have caused inflation to fall to single-digit numbers. This, in turn, has boosted investor confidence and reduced the unemployment rate. So, by the time the global crisis struck, Turkey was in a strong enough position to hold its ground. In addition, Turkey has been gradually opening up its markets by loosening government controls on foreign trade and investment. It’s a great moment to be watching Turkey’s progress, especially in parallel to the ongoing development of the integrated bank at Credit Suisse. The One Bank focus fits well for our growing entrepreneur segment and is attractive to ultra-high net worth individuals as well. The Turkish people like to invest in their own country, in their own businesses, so having access to a comprehensive platform is key. People are looking for banks that ‘put their hand under the rock,’ as we say in Turkish, meaning they want a bank that also shares rough times with them. When I compare us to the competition, I believe we have the upper hand. The local banks are limited in terms of investment banking capabilities and global reach, while our international competitors are perhaps not as focused on wealth management as we are. Our representative office has been in the country since 1998. Although our license does not grant us onshore booking
capabilities, nor do we deal with products, we do contribute to the Market Management initiative. This entails acting as a market expert with the aim of developing a market strategy for Turkey. We provide insight into the current market situation.
“When I compare us to the competition, I believe we have the upper hand.” Representing Turkey as a woman is always a surprise to my international colleagues, but I’m an example of how open and modern our culture is. It’s exciting to be able to interact locally, internationally and cross-divisionally. Finally, the last delight of my day is coming home to my family. I spend my free time doing things I can share with my two energetic sons, like running and playing basketball.
11:20 All eyes: Simru takes in every detail when observing the market’s developments.
18:45 Dynamic: Simru enjoys being in the middle of things.
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Simru Sonar San, head of the representative office in Istanbul, really loves her country – it’s full of surprises, she says. Discovering Turkey’s economic intricacies makes her realize there’s so much we can do to serve its financial market. Private Banking EMEA
Text: Angela Harp
Photography: Akad Aytunc
Turkish Delights
On my way to the office I’m constantly reminded not only of Istanbul’s unique beauty, but also of its rich diversity. The architecture alone reflects the various peoples and empires that have ruled the land. Istanbul is most known for its Ottoman architecture but Genoese, Byzantine, Roman, and even Greek forms of architecture remain visible. So, while imperial mosques dominate much of the city’s skyline, a number of historic churches and synagogues stand at their side. It’s no wonder the city was named the European Capital of Culture for 2010. I love being in the middle of things. And as a rep officer this is exactly where I am – in the center of the market. My main job is to stay abreast of new developments, monitor the market from an economic, finan-
8:00 In close contact: Networking is an essential part of Simru’s job.
22 one 5.10
705095_one_s22_23_e.indd 22
28.10.10 10:43
Banker’s Business Business Portrait
cial and political point of view, and then report anything that may be relevant to the business back to our headquarters in Switzerland. My team and I have built up a substantial network among various foreign and local financial institutions as well as industrial group companies and conglomerates. I’m also a member of economic and financial organizations like the International Investors Association (YASED), Foreign Economic Relations Board (DEIK), Swiss Chamber of Commerce and Turkish Bankers Association. Turkey’s market is quite dynamic. Considering its population of more than 70 million and its geographical position between Asia and Europe, it is a growing economy and one of the leading emerging markets. In terms of GDP, the growth rate averaged at 7.4 percent from 2002 to 2007, which made Turkey one of the fastest growing economies in the world during that period. GDP growth slowed down to 4.5 percent in 2008, however, and in early 2009 the global financial crisis left GDP growth in the negative. But we expect around 5 to 6 percent growth for 2010. Some of Turkey’s strongest sectors include the service sector, which represents about 65 percent of GDP, agriculture, textiles and automotives. Of course, Turkey is no stranger to economic struggle. It has suffered a lot in the past 20 years due to high inflation. But since the economic crisis of 2001, measures such
as a stabilization program and financial regulatory reforms have caused inflation to fall to single-digit numbers. This, in turn, has boosted investor confidence and reduced the unemployment rate. So, by the time the global crisis struck, Turkey was in a strong enough position to hold its ground. In addition, Turkey has been gradually opening up its markets by loosening government controls on foreign trade and investment. It’s a great moment to be watching Turkey’s progress, especially in parallel to the ongoing development of the integrated bank at Credit Suisse. The One Bank focus fits well for our growing entrepreneur segment and is attractive to ultra-high net worth individuals as well. The Turkish people like to invest in their own country, in their own businesses, so having access to a comprehensive platform is key. People are looking for banks that ‘put their hand under the rock,’ as we say in Turkish, meaning they want a bank that also shares rough times with them. When I compare us to the competition, I believe we have the upper hand. The local banks are limited in terms of investment banking capabilities and global reach, while our international competitors are perhaps not as focused on wealth management as we are. Our representative office has been in the country since 1998. Although our license does not grant us onshore booking
capabilities, nor do we deal with products, we do contribute to the Market Management initiative. This entails acting as a market expert with the aim of developing a market strategy for Turkey. We provide insight into the current market situation.
“When I compare us to the competition, I believe we have the upper hand.” Representing Turkey as a woman is always a surprise to my international colleagues, but I’m an example of how open and modern our culture is. It’s exciting to be able to interact locally, internationally and cross-divisionally. Finally, the last delight of my day is coming home to my family. I spend my free time doing things I can share with my two energetic sons, like running and playing basketball.
11:20 All eyes: Simru takes in every detail when observing the market’s developments.
18:45 Dynamic: Simru enjoys being in the middle of things.
one 5.10 23
705095_one_s22_23_e.indd 23
28.10.10 10:43
