TEB continues to lose customers after call for boycott of French goods

After President Erdogan’s call for a boycott of French goods, while citizens were conducting brand research, TEB Bank was placed on the target board together with CarrefourSA, Lacoste, Renault, Peugeot and Citroen. Ranking in the top 5 among Turkey’s most established banks, TEB has visibly lost customers in recent days. As it is known, a partnership was signed in 2005 between the Turkish Economy Bank and the French banking institution BNP Paribas.

TEB has not made an official statement

After French President Emmanuel Macron’s racist rhetoric and Charlie Hebdo’s cartoons, President Erdoğan made a flashy exit and said “Don’t buy French brands“. While this call was met by the citizens, French brands were searched thousands of times. While brands such as Lacoste, Renault, Danone and Pierre Cardin stood out, one of the brands most affected by the boycott was the Turkish Economy Bank.

TEB, which signed a strategic partnership agreement with Paris-based BNP Paribas in 2005, started to lose customers after the relevant call. While no official statement was made by TEB regarding the situation, some officials said, “TEB is a French bank, but we are not a bank with 100 percent foreign capital. As Türk Ekonomi Bankası, we operate as a ‘Private Equity Deposit Bank’ as stated in the Member Bank Information List of the Banks Association of Turkey (TBB).

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