News Details
Optimising our market position in Turkey
At the beginning of 2005, Turkey transitioned to a new Turkish Lira and, in so doing, wiped off 6 zeroes from the old
currency (everyone in the country used to be a millionaire!). By the end of 2005, the old currency will become invalid.
As the old currency is removed from circulation, there is great potential for De La Rue Cash System solutions. Working
closely with local partner Sigma Limited, we’ve been busy optimising our position in this market.
In early 2005, Sigma and De La Rue organised a very successful open day in Istanbul, effectively re-launching the De La
Rue image in Turkey. Representatives from almost all the banks and financial institutions attended this event. Following
on from this, and in response to customer demand, we have together agreed to launch new DLR specifically geared to
the needs of the Turkish market.
Co-founder of Sigma, Miss Aysen Bakkaloglu says that the synergy between De La Rue and Sigma has created “a strong
wind that pushes us to be the leader.” She continues “We are determined to move both companies forward even with
oars, if the winds calm down”.
Miss Aysen Bakkaloglu and co-founder Mr Ahmet Ruta worked previously for a De La Rue representative company, and
left to establish their own business Sigma in 2002. Building on their experience, they quickly achieved very fast sales
growth and now rank second in the Turkish cash handling market.
“Key to our early success,” notes Miss Bakkaloglu “was the fast reshaping of the regional sales and service network in
Turkey, and the fact that Sigma offers nationwide coverage.”
Acutely aware of the importance of after-sales service, Sigma strongly promotes 24x7 service availability, and employs in
their main office a technical staff of 9 graduate engineers who visit the regional offices and customers across the country.
Sigma also employs trainee students from technical universities. To ensure uninterrupted service, when a machine cannot
be serviced at regional level, customers are issued with a same-day replacement while their machine is sent to head
office for servicing.
Sigma is located in the centre of Istanbul, on what is called Istanbul’s "Wall Street". This gives instant access to the head
offices of their key customers – the main banks and other finance institutions. To maintain close customer relationships,
and build momentum for future sales, Sigma runs regular seminars on cash handling for its customers’ tellers.
At present, De La Rue and Sigma are experiencing an almost weekly increase in fierce competition, especially from Asian
companies. Miss Bakkaloglu comments “Our major strength in the face of this competition is the outstanding harmony
and support between De La Rue Cash Systems and Sigma. We are confident of every investment we are making, and
certain of a healthy business future. Our combined approach – of great products and best support – is already having an
impact on our customers. They are seeing us in terms of solution and support value not simply price.” She adds “Clearly,
our relationship with De La Rue plays a crucial role in our success and we are extremely proud to have this partnership.”