EGN NEWS DESK
When Turkish lender Denizbank paid greater than $350 million for the constructing that homes its headquarters in April, the acquisition cemented the financial institution’s place in Istanbul’s costliest business district.
Yet, nearly as quickly because the ink had dried on the deal for the imposing 34-story tower, the identical establishment was quietly scouting for an alternate premises in one other metropolis. The cause wasn’t due to a seismic shift in its enterprise, it was the prospect of seismic exercise beneath it.
Earthquakes are unpredictable but in addition inevitable, and consultants say Istanbul could be due one. After the devastation final yr within the southeast of the nation and criticism the authorities weren’t ready, banks are actually getting forward on contingency planning. That contains establishing groups in shadow places of work within the capital Ankara to make sure continuity ought to catastrophe strike.
