Latest news with #DenizBank
Libya Observer
11-07-2025
- Business
- Libya Observer
Turkey dismantles money laundering network linked to Libyan traders
Turkish authorities carried out a large-scale security operation that led to the dismantling of an international money laundering network involving Libyan and Turkish traders. The network used personal bank cards to withdraw large sums of money through point-of-sale (POS) terminals spread across Istanbul, Antalya, and Bursa. Turkish newspapers reported on Thursday that investigations uncovered illegal transfers worth millions of dollars, funneled through shell companies and Libyan bank accounts. The reports confirmed the arrest of 85 individuals, including employees of DenizBank, Şekerbank, and the Ozan payment company, on charges of facilitating financial crimes. Turkish authorities froze accounts and seized assets, including real estate, vehicles, and gold. They also suspended cash withdrawals using foreign cards in Turkey, sparking concerns among Libyan businessmen. The operation comes amid increased international scrutiny of Libyan financial flows and suspicions of networks involved in funding illicit activities, with expectations that the investigation will expand in the coming days. Tags: Turkey
The National
30-05-2025
- Business
- The National
Turkish companies expect more opportunities to support $500bn Syria reconstruction
Companies from banks to port operators and energy companies are lining up to grab their share of business opportunities arising out of Syria's $500 billion reconstruction effort as the war-torn country opens up its economy. Turkey's Deniz Bank, which is fully owned by Emirates NBD, expects more financing opportunities to support Syria's reconstruction, while the port operator DP World plans to ship more cargo out of Turkey to Syria. Turkish conglomerate Kalyon Holding also expects more deals in Syria after signing a $7 billion energy investment agreement to build power plants in the country on Thursday. US and Qatar-based companies are also part of this consortium. As part of the agreement, natural gas power plants with a total installed capacity of 4,000 megawatts and a solar power plant with an installed capacity of 1,000 megawatts will be built in Syria. 'Despite security challenges, the international community's commitment is strong in Syria, with support from the EU and the US,' Kalyon Energy chief executive Murtaza Ata said in Istanbul. Kalyon Energy is a unit of Kalyon Holding, which has interests in a number of sectors, including construction. 'The group we formed is one of the best solution providers who can successfully implement all these projects,' Mr Ata said. 'Syrian people are fed up with the struggle and the war of 15 years and are looking for development projects.' The company is also looking at other opportunities in Syria, including the reconstruction of the airport, Kalyon Holding chief executive Mustafa Kocar said. The company built Istanbul airport in Turkey and this expertise can be applied in Syria and other countries, he added. Deniz Bank is also bullish about Syria as the country reopens. 'There will be a good opportunity for us,' Deniz Bank chief executive Recep Bastug told media in Istanbul. 'In the past, it was an opportunity of commercial, but now infrastructure and other parts of investment will be there … because Turkey has serious amount of construction power in terms of companies, there will be very important opportunities.' Despite security challenges, the international community's commitment is strong in Syria, with support from the EU and the US Murtaza Ata, Kalyon Energy chief executive However, he did not elaborate on the extent to which the lender's balance sheet would be strengthened due to opportunities in Syria. Emirates NBD bought Deniz Bank from Russia's Sberbank for $3.2 billion to expand its footprint in Turkey in 2018. Earlier this month, US President Donald Trump made a surprise announcement about lifting economic sanctions on Syria as he visited Saudi Arabia to pave the way for investments in the country. Following the decision, the European Union also said that it would begin lifting sanctions to help Syrian people rebuild the country. Last week, Syria signed a separate agreement with Turkey for the supply of two billion cubic metres of natural gas to help the country overcome power shortages. Infrastructure devastated by war The Syrian economy has been devastated by the civil war, with the UN's Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more than $923 billion at the end of last year. The estimated cost of reconstruction has varied from $250 billion and $500 billion, according to experts. Kris Adams, DP World's executive vice president for East Europe, said the reopening of the Syrian economy provides new opportunities for ports in neighbouring countries for shipment of cargo. 'A country that has been war-torn for many, many years is finally looking at some positives and will require a lot of rebuild,' Mr Adams said in Istanbul. 'The ports in the country itself will be relevant, but also ports in neighbouring countries like Turkey, which has a border with Syria, will see more cargo flowing through in order to assist with that rebuild.' Earlier this month, Dubai-based DP World signed an initial agreement with the Syrian government to develop the port of Tartus in an $800 million deal. Opportunity for many nations Syria reopening is 'not just an opportunity for Turkey but also for many other nations', according to Burak Daglioglu, president of the Investment Office of the Presidency of Turkey. 'After the lifting of sanctions, the opportunities will be for all countries, but the biggest opportunity will be for civilians themselves' in rebuilding the country, he said.
Business Wire
20-05-2025
- Business
- Business Wire
Red Hat Helps DenizBank Transform Banking Services Through AI and Machine Learning Innovation
BOSTON – RED HAT SUMMIT--(BUSINESS WIRE)--Red Hat, the world's leading provider of open source solutions, announced today it has collaborated with DenizBank, a leading private Turkish bank, on its workflow transformation to incorporate AI into daily practice. DenizBank created a model development environment driven by Red Hat OpenShift AI, a platform for managing the AI and machine learning (ML) lifecycle across on-premise and public cloud environments. After adopting Red Hat OpenShift AI, DenizBank was able to scale its self-service capabilities and capacity, resulting in improved operational efficiency, fundamentally changing how the organization's operational workflows through AI. DenizBank, Turkey's fifth largest private bank with nearly 15,000 employees, provides corporate and retail banking, investment brokerage, agricultural banking, SME banking, investment brokerage, financial leasing and insurance services as well as software development, innovation and entrepreneurship through its subsidiaries Intertech and NEOHUB. Setting out to transform the organization through AI, DenizBank's IT subsidiary, Intertech, launched a new AI-supported platform transformation program. Some 120 data scientists working across risk management, marketing and customer relations at DenizBank rely upon Intertech to ensure the reliability and stability of their environments, and were faced with lagging speeds which hindered the progress of current and new projects. DenizBank sought a solution to overcome this challenge, aiming to boost productivity of its data scientists and optimize their bandwidth for high-value tasks, while simultaneously standardizing quality control and speeding up deployment. Having adopted Red Hat OpenShift in 2023, DenizBank chose to integrate Red Hat OpenShift AI into their workflows to build a robust AI foundation to automate and standardize data science pipelines, develop self-service capabilities, scale model serving and increase operational efficiency across the organization, empowering its data scientists in the process. With the help of Red Hat Consulting, Intertech was able to build a comprehensive, standardized solution that improved time-to-market of new projects while delivering AI/ML cost savings. Intertech also adapted its AI solution to existing DevOps and GitOps best practices to better suit DenizBank's needs. With the new AI-driven platform, DenizBank's data scientists can save hours on selecting and validating data for model training, fine-tuning and validation. The self-service capabilities provided by Red Hat OpenShift AI allows them to build tailored AI model development environments with plug-and-play functionality when connecting a data source. As well as enabling its data scientists in using both generative AI (gen AI) and predictive models with ease, DenizBank achieved a significant reduction in time-to-market for new microservices models from several days to just 10 minutes. In addition, integration with hardware accelerator dashboards optimize GPU usage, with Red Hat OpenShift AI automatically scaling up the slices of GPU a model has access to, as needed. This maximizes resource utilization, increases flexibility and allows for more workloads to run simultaneously without the need for additional GPU hardware. By choosing Red Hat for its open source AI platform, DenizBank was able to drive direct business impact through: Enhancing prediction models to help make better determinations on customer qualifications for credit loans Improving fraud prevention to more quickly identify potentially problematic financial patterns Reducing time-to-market of microservices from several days to 10 minutes. Having established company-specific standards and pipeline automations, DenizBank's focus is now squarely on migrating all data scientists and their models to Red Hat OpenShift AI. Future priorities also include improving compute resource utilization (CPUs, GPUs and memory) and model inferencing capabilities and speed with the help of Red Hat AI. Red Hat's vision: Any model, any accelerator, any cloud. The future of AI must be defined by limitless opportunity, not constrained by infrastructure silos. Red Hat sees a horizon where organizations can deploy any model, on any accelerator, across any cloud, delivering an exceptional, more consistent user experience without exorbitant costs. To unlock the true potential of gen AI investments, enterprises require a universal inference platform–a standard for more seamless, high-performance AI innovation, both today and in the years to come. Red Hat Summit Join the Red Hat Summit keynotes to hear the latest from Red Hat executives, customers and partners: Modernized infrastructure meets enterprise-ready AI — Tuesday, May 20, 8-10 a.m. EDT (YouTube) Hybrid cloud evolves to deliver enterprise innovation — Wednesday, May 21, 8-9:30 a.m. EDT (YouTube) Supporting Quotes Haluk Tekin, country manager, Türkiye and CIS, Red Hat 'We are proud to be able to help DenizBank accelerate time-to-market with the power of AI, as they pioneer innovation in Turkey's fast-paced financial services sector. Red Hat OpenShift AI pairs the power of open source innovation with a hardened, enterprise-ready AI platform, enhancing the ability of DenizBank to build employee trust and empowerment around AI applications today and for the future.' Okan Çetinkaya, chief data officer and chief administrative officer, DenizBank 'Today, our data scientists play a key role in supporting decision-making across our bank with data, one of our most valuable assets. With Red Hat OpenShift AI, they can build and deploy robust models in a streamlined, standardized and flexible development environment, while integrating with a wide range of open source tools. We are pleased to empower DenizBank's talented team of data scientists through our collaboration with Red Hat, supporting their drive for innovation and excellence.' Ömer Uyar, chief executive officer, Intertech 'Adding Red Hat OpenShift AI to our arsenal has significantly enhanced our data scientists' autonomy and improved our operational standards. This perfectly aligns with our commitment to accelerating innovation while maintaining a high-quality framework. We highly value the impact of Red Hat OpenShift AI's advanced capabilities and automation in empowering our data scientists to achieve greater efficiency and innovation. At Intertech, we aim to realize much more measurable improvements in both the speed and quality of AI-driven projects in the near future.' Additional Resources Connect with Red Hat About Red Hat Red Hat is the open hybrid cloud technology leader, delivering a trusted, consistent and comprehensive foundation for transformative IT innovation and AI applications. Its portfolio of cloud, developer, AI, Linux, automation and application platform technologies enables any application, anywhere—from the datacenter to the edge. As the world's leading provider of enterprise open source software solutions, Red Hat invests in open ecosystems and communities to solve tomorrow's IT challenges. Collaborating with partners and customers, Red Hat helps them build, connect, automate, secure and manage their IT environments, supported by consulting services and award-winning training and certification offerings. About DenizBank and Intertech DenizBank is the fifth biggest private bank in Turkey and is currently owned by Emirates NBD, the leading banking group of the MENAT region. Aimed to use financial resources efficiently and rationally with the aim of contributing to Turkey's economic and social development, the bank works with the focus of creating benefit for its country, shareholders, employees and customers. DenizBank Financial Services Group currently consists of six domestic and two international financial subsidiaries, seven local non-financial subsidiaries, and one branch each in Bahrain and Kyrenia. DenizBank's technology subsidiary, Intertech, is a leading technology company in Turkey and globally, offering innovative solutions tailored to the finance and banking industry. Intertech has the capability to cover independently all the products and services that a financial institution may need, from end to end. The company continues to have an impact on global market trends through Turkey's largest artificial intelligence-supported platform transformation program, which was initiated in 2023. Forward-Looking Statements Except for the historical information and discussions contained herein, statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company's current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially. Any forward-looking statement in this press release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements. Red Hat, Red Hat Enterprise Linux, the Red Hat logo, Ansible and OpenShift are trademarks or registered trademarks of Red Hat, Inc. or its subsidiaries in the U.S. and other countries. Linux® is the registered trademark of Linus Torvalds in the U.S. and other countries.
