Financial analytics and decision making company FICO will open an office in Istanbul. The business has been working in Turkey for over ten years serving some of the country’s leading banks including: Garanti, Yapi Kredi Bank, Finansbank, Akbank and Isbank.
The company said this decision recognises Turkey’s strong economic growth and expanding credit market. The country boasts one of Europe’s healthiest banking industries with credit continuing to grow albeit slightly less rapidly, it is estimated as being just under 15% for this year compared with the 2010 growth rate of 35%.
Go deeper with GlobalData
Frans Labuschagne, FICO general manager for Europe, the Middle East and Africa said this is the right time for FICO to increase its investment in the Turkish market: "In FICO’s most recent survey of European banking risk professionals, respondents from Turkey put extending more credit to consumers and small businesses among their top priorities for 2013. But this growth needs to be undertaken with proper risk management. We have the solutions, the analytics and the experts to help banks meet this goal."
FICO has European offices in the UK, Germany, Spain and Russia.
