THE MARKET IS GETTING FIERCE IN THE INTEREST-FREE SYSTEM

THE MARKET IS GETTING FIERCE IN THE INTEREST-FREE SYSTEM

Competition is getting even more fierce in the interest-free housing and car acquisition sector, which reaches an annual volume of 25 billion TL. While the regulation process is expected to be completed at the end of the month, Finansevim and Vakifevim, two players in the sector, have joined forces in this area.

Competition is getting even more fierce in the interest-free housing and car acquisition sector, which reaches an annual volume of 25 billion TL. While the regulation process is expected to be completed at the end of the month, Finansevim and Vakifevim, two players in the sector, have joined forces in this area.

THEY ARE GOING TO MERGE IN APRIL. The Chairman of Finansevim Board of Directors, Serdar Kolo, who is 50 percent shareholder of both institutions, took over the remaining shares and became the sole owner of both institutions. Combining the two brands as Finansevim under the roof of Kolo Holding, Kolo said that the merger will be completed on April 6th.

FUND FROM THE NETHERLANDS. Stating that their capital will increase to 25 million after the merger, they will increase this to 500 million with the support of the funds from the Netherlands, and the Dutch will invest close to 60 million euros. Kolo said, "In two years, we have reached 400 employees and 50 branches under the Finansevim brand. Vakifevim also reached 12 branches in five months. With this union, we will complete 2020 as the company with the largest branch network in Turkey." Noting that Finansevim's profit before tax is 22 million TL and that they are the only company that declared profit in its second year, Kolo said that they will reach 160 branches in total with 100 new branches to be opened. He said: “Our target for the end of 2020 was a growth of 200 percent. With the merger, we will reach this number in the first half of the year. In 2021, we aim to be the largest in the sector with a growth of 400 percent."

Explaining that the INTEREST-FREE system, whose turnover will reach 50 billion, has helped 1 million people so far, Kolo stated that the process of regulating the system could be completed at the end of the month. "We think that the annual turnover of the industry will reach 50 billion with the completion of the process," said Kolo. Kolo stated that large firms will enter the interest-free finance system after the regulation.

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