Bloomberg News

Goldman Adds Isbank to ‘Focus Sell’ List on Turkish Economy

October 20, 2011

Oct. 20 (Bloomberg) -- Turkiye Is Bankasi AS, Turkey’s largest listed bank by assets, was added to the “focus sell” list of Goldman Sachs Group Inc., which said the bank is exposed to “increasing macro headwinds” that are likely to “weigh on price performance.”

“Asset growth will likely remain capped by lack of abundant resources in local currency and unattractively priced wholesale funding,” analysts including Waleed Mohsin in London said in an e-mailed report today. “Macro headwinds and below- sector returns would drive share price underperformance.”

Goldman’s 12-month price estimate for Isbank is 4.33 liras. Isbank fell 1.1 percent to 4.55 liras at 10:04 a.m. in Istanbul.

Isbank joins Turkiye Garanti Bankasi AS, Turkey’s largest bank by market value, on Goldman’s “focus sell list.” Garanti was added on Oct. 3.

--Editor: Mark Bentley

To contact the reporter on this story: Benjamin Harvey in Istanbul at

To contact the editor responsible for this story: Gavin Serkin at

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