BofA Includes Akbank Among Its Top Picks in the EEMEA Region

According to a report released today by BofA Securities, Akbank (IS:AKBNK) is among the top 5 preferred bank stocks in the Emerging Europe, Middle East, and Africa (EEMEA) region.

In addition to Akbank from Turkey, the list includes FirstRand from South Africa, PKO BP from Central Eastern Europe, Eurobank from Greece, and Al Rajhi from the MENA region.

BofA expects interest rates in the EEMEA region to decline less in 2025 than in 2024, remaining in a positively real area, which is considered healthy for bank operations. They also noted that a decrease in regulatory pressures could allow banks to utilize their capital more freely.

BofA's target price for Akbank is 88 TL, and for Garanti Bank (IS:GARAN), it is 166 TL.