Fortis joins Yapı Kredi’s “World” platform following Vakıfbank and Anadolubank
Through this agreement, Yapı Kredi creates the largest brand sharing network in the Turkish banking sector with 10 mln “World” cards
On 20 February 2008, Yapı Kredi Bank (YKB) reached a partnership agreement with Fortis to share its “World” credit card brand. The agreement, targeted to be finalized by end of first half of 2008, will allow 1 million Fortis credit card customers to gain World’s benefits.
Being the uninterrupted market leader since 1991, YKB has 18.0% market share in number of cards and 23.1%(1) market share in issuing volume as of January 2008 in Turkey. In terms of European rankings(2), YKB ranks as 7th in terms of number of cards and 10th in terms of total credit card issuing volume in Europe.
The partnership will be bringing together YKB’s 6.7 mln World credit cards with Fortis’ 1 mln credit cards under the World brand. As a result, total World branded credit cards in the market, including previous agreements with Vakıf and Anadolubank signed in November 2007 and December 2007, respectively, will reach ~10 mln cards. All three agreements together bring World branded credit cards’ total issuing volume market share up to ~27% and total acquiring volume market share up to ~29% in the Turkish credit card market.
Through its agreement with YKB, Fortis aims to speed up its growth in the credit card market with Turkey’s largest and one of the most innovative credit card platforms, World. Following the signing of the agreement between the parties and the completion of the systems integration, Fortis will be joining in YKB’s World platform as a program partner and Fortis’ credit cards will be replaced by new ones with the World logo. As a result, Fortis customers will be able to benefit from a wide array of premium quality World Card services such as installment purchases, redeemable free points accumulating with purchases and merchant campaign offerings within YKB’s wide loyalty network of ~150,000 World merchants. YKB’s total network includes ~208,000 merchants.
Through these credit card brand sharing agreements, further strenghtened with the inclusion of Fortis, YKB expects to continue increasing its card penetration and offer a stronger value proposition, which in turn is expected to strengthen the brand image of Worldcard as well as YKB’s negotiating power with the merchants.
(1) Annual cumulative Jan 2007 - Jan 2008
(2) Based on the Nilson Report, 2006
İstanbul, 22 February 2008.
Enquiries:
Yapı Kredi Investor Relations
Tel: (90) (212) 339 7647
Email: yapikredi_investorrelations@yapikredi.com.tr
Yapı Kredi / 22 Feb 2008