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Serra Akçaoğlu

TURKEY - Finance

Journey to the Center

General Manager, Citibank Turkey

Bio

Serra Akçaoğlu is the General Manager and Board Member for Citibank Turkey, and served as the Consumer and Commercial Bank Head prior to taking on the senior position. Previously, Ms. Akçaoğlu was the EMEA Trade Services & Finance Head for Global Transaction Services based in London from 2005-2007. She has also worked at Manufacturers Hanover and Chemical Bank, as well as Koçbank. She graduated from Boğaziçi University with a Bachelor’s degree in Business Administration.

"Istanbul brings with it access to the Middle East, Europe, the CIS, and Africa."

What is the benefit of Citi’s large global presence?

Considering its presence in more than 100 countries, we believe that Citi can provide connectivity to its clients around the world. When a client sees that Europe is cooling off and there are challenges, they might want to migrate to Africa, the Middle East, or China, and these destinations are only one phone call away through Citi. We have analyzed the world in terms of its trade corridors and we believe, for Turkey, the key trade corridors going forward are China, Africa, the Middle East, and Russia and the CIS. We have thus set up trade desks around the world for Turkish companies that would like to explore trade opportunities with these countries. Another benefit for companies is Citi’s electronic solutions, which allow clients to see their transactions and manage their money across the world at the push of a button.

In this context, how can Citi work toward improving Turkey’s current account deficit?

The current account deficit is a challenge for the country. Trade and exports are one of the key cures, and we also want to build our strategy around adding value to the economy we operate in. Once the economy gets stronger, our clients will grow stronger and so will the competition. Investment banking is another area in which we truly believe we add value. We have millions of clients around the world and not only do M&As, but also have the balance sheet and the know-how to do financing. Currently, we are receiving many phone calls from around the world regarding Turkey and the opportunities the country offers.

“Istanbul brings with it access to the Middle East, Europe, the CIS, and Africa.”

What is the significance of Turkey to Citi as a global bank?

Turkey is a very important country for global companies, including Citi. As a result of its geographic strategic position, Turkey is a natural bridge between East and West. This is becoming even more important going forward. Being in Turkey grants access to 56 countries within a four-hour flight. It is the major trade and investment opportunity in the region. Turkey is a rising star due to its stable political environment, its economy, and especially its banking industry, which is very strong. Turkey excels in many metrics. Its consumer loans-to-GDP ratio is positive, as is its young population. This all point to a bright future. Turkey opens up many opportunities for Citi elsewhere in the world as it is becoming a hub for many multinationals, including finance companies. It is also positive that talent is staying in Turkey instead of heading abroad for work.

What is the potential for Istanbul to become an international financial center?

First of all, I believe that there is a tremendous potential and it is doable. Having said that, there are of course things that need to change to accelerate the process. Istanbul is not the only city in the world that has this ambition. Dubai is a contender, and so is Warsaw. However, Istanbul is very diverse and embraces other cultures. We have many international members of staff and have no qualms doing meetings in English. From the perspective of someone sitting in New York or London, Istanbul brings with it access to the Middle East, Europe, the CIS, and Africa. Turkey can interact with these cultures seamlessly. In terms of what needs to be done, I would highlight the tax regime. Having differentiated or specialized tax courts is one of the key items, and I believe the government is taking the necessary steps. The tax regime needs to be more diverse and automated. The labor law also needs to be looked at. The government is aware of the challenges and is determined to accelerate the process of fixing these issues. Citi believes in the country and we want to work in any capacity we can to bring Turkey to its 2023 vision earlier.

How would you characterize the medium-term outlook for the Turkish economy, and what does that mean for Citi’s strategy for 2013 and beyond?

That is the question we ask ourselves: how do we see Turkey in the future? And what can we do to help the country and add value? We see a very bright future for Turkey. There are many important, critical success factors here, but one important factor is getting politics rights and having a government that is able to take decisions. Our culture loves leaders. Turkey supports its leaders and it is important that the government makes sound decisions. Having a stable political framework is very important. Provided we have that, the future is very bright and lies with becoming a bridge between East and West and increasing trade along that corridor and across the whole region. Everything is falling together when you look at it from that perspective. Here is a country with strong political and economic infrastructure that is moving forward and is able to take that role and provide connectivity. That naturally gets me to Citi. It is interesting that the future of Turkey and the future of Citi and the ambitions of Turkey and Citi are very much aligned. The challenge for Turkey is its current account deficit. Citi is able to assist and cure it by attracting FDI. We have many plans in place for that. We are working with the top Fortune-500 companies around the world. That is why, again, that Turkey is stunningly important for Citi and we believe we are best positioned as a global institution to cater to its growth.

What is your vision for Citi in Turkey?

Our vision is to see our clients blossom from local into global companies. That is what we aspire to and it is one of the key strategic building blocks of Citi. Our aim is to grow companies and increase in strength along with our clients. From that perspective, we want to be a global bank in Turkey and the number one bank for trade.

© The Business Year – February 2013

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