HSBC Turkey

Ratings agency Moody's has said it has upgraded the long-term foreign currency deposit ratings of 12 Turkish banks.

A Turkish court on Aprtil 11 acquitted HSBC Turkey chief executive Selim Kervancı of a charge of insulting President Recep Tayyip Erdoğan by retweeting a video on social media at the time of Gezi Park protests in 2013.

Moody's Investors Service has taken rating actions on 17 Turkish banks, changing the ratings outlook from stable to negative on 14 of the lenders.

The ratings of one additional bank were also downgraded with a negative outlook, while the ratings of two other banks were affirmed with outlooks unchanged.

HSBC has decided to retain its Turkish operations after the offers it received for the unit were deemed not to be in the best interest of shareholders, Group CEO Stuart Gulliver said in a statement on Feb. 22.

HSBC has decided to retain its Turkish operations after the offers it received for the unit were deemed not to be in the best interest of shareholders, Group CEO Stuart Gulliver said in a statement on Feb. 22.

Turkey's Fibabanka has joined the ranks of banks interested in buying HSBC's Turkish unit, two sources close to the matter told Reuters, a business that is also being considered by ING Group.

The Turkish manufacturing sector remained in a downturn in April, for the fourth consecutive month, according to PMI survey data from HSBC.

The manufacturing sector stagnated in Turkey in January as outputs, new orders, exports and purchases of inputs all declined despite a dramatic increase in employment, says the latest PMI data.

Turkey's manufacturing sector slowed down to start 2015, according to HSBC's Turkey Manufacturing Purchasing Manager Index (PMI), which was released by Markit on Feb. 2. 

The manufacturing sector stagnated in Turkey in January as outputs, new orders, exports and purchases of inputs all declined despite a dramatic increase in employment, says the latest PMI data.

Turkey's manufacturing sector slowed down to start 2015, according to HSBC's Turkey Manufacturing Purchasing Manager Index (PMI), which was released by Markit on Feb. 2. 

Turkey’s manufacturing upturn was sustained in the final month of 2014, albeit at a weaker pace, according to the latest Turkey Manufacturing project and manufacturing information (PMI) survey data.

Output, new orders and purchases of inputs all rose more slowly since November, but employment growth for goods producers hit a three-year high.