FAF International Moves To Capitalise On Turkish Growth As European Expansion Continues
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FAF International Moves To Capitalise On Turkish Growth As European Expansion Continues
LONDON, Nov. 26, 2007 – FAF International plc, today signalled its continuing European expansion with its subsidiary, FAF International Istanbul Danışmanlık ve Tıcaret A.Ş. opening new offices in Beşiktaş, in the heart of Istanbul’s financial district.
The move, which follows last month’s Hungarian expansion, is the latest in a series of new office openings across Europe. In Turkey, FAF International will conduct business through local insurance companies, which will offer its products to the market. It will continue to provide title insurance services across a broad range of residential and commercial property transactions.
In conjunction with the move, FAF International has appointed Mustafa Özdemir to the role of managing director for the Turkish office. Özdemir’s wealth of investment banking and property development experience, as well as local market knowledge, will be an integral part of First Title’s success in Turkey.
“Turkey is experiencing a time of innovation and strong economic growth, not the least of which is its pending application to join the European Union, and the ever-increasing influx of European property investors to the region,” said Özdemir. “FAF International has entered the Turkish market at the right time. The increase in property development naturally means an increased need for title insurance. I am extremely excited to have been given the opportunity to be involved with the enterprise from the start, and very much look forward to managing the sustained growth that FAF International will no doubt experience in Turkey.”
Michael Schuh, managing director of FAF International in Europe, comments: “The Turkish opening heralds another exciting chapter in an extremely successful year for the company. With UK investors, in particular, increasingly spreading their investment presence eastwards, Turkey is becoming a hive of property development activity. This, coupled with the recent introduction of a new mortgage law in the country, is expected to increase the lending capabilities of financial institutions which, in turn, will lead to the development of money and capital markets in Turkey.
“Set against such favourable economic conditions, and with the appointment of the vastly experienced and talented Mustafa Özdemir, the future certainly looks very bright for FAF International as we continue our foray into central eastern and south eastern Europe.”
26 November 2007