Crisis in Turkey: Every cloud has a silver lining

After a long period of prosperity and stability, the Turkish economy is suffering from high inflation, rising borrowing costs and rising loan defaults. Leasing companies feel the backlash, too, but that didn't stop Alphabet from starting operations in the country.

Read our full coverage on the crisis in Turkey:

• FleetCorp files for bankruptcy
• Every cloud has a silver lining
• What's going on
• How does it affect leasing companies?
• Analysis - leasing in crisis

In this challenging context, Alphabet announced it is entering the Turkish market, continuing its expansion into new markets. Alphabet is operating in Turkey in collaboration with the well-established local leasing partner, Hedef Filo, with a growing focus on mobility services.

"Our view is that the Turkish market is a robust car leasing market with enormous potential," said Rüdiger Ebel, Chief Sales Officer at Alphabet International. "We have a lot of customers who ask us to provide car leasing services for them in Turkey. That is the main initiator of building a cooperation and that will lead to sustainable business in the future."

Alphabet remains confident in its Turkish operations and Mr Ebel said he hopes there is a fruitful competition in the Turkish market.