Istanbul’s Financial Sector Braces for Earthquake Preparedness
Istanbul’s Financial Sector Braces for Earthquake Preparedness

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Concerns over potential seismic activity in Istanbul have prompted several banks, including Denizbank and BBVA’s Turkish unit Garanti, to explore alternative operational locations in Ankara. Experts warn of an impending significant earthquake due to Istanbul’s location near the North Anatolian Fault, with catastrophic potential impacts on the city’s economy and infrastructure. The urgency has led banks to implement contingency plans while the Turkish government acknowledges the need for earthquake preparedness and building retrofitting, despite challenges posed by Istanbul’s dense population and existing infrastructure. Analysts estimate that an earthquake could incur damages around $300 billion, highlighting the critical need for proactive measures.

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