HOUSTON (June 23, 2004) - Stewart Information International Inc. (Stewart International) has opened a new office in Istanbul, Turkey. The office will initially offer escrow, title guaranty and closing services to foreign buyers and lenders operating in Turkey.
Stewart Information International Inc. is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC).
"We have been planning this expansion for several years and we are excited to see its implementation," said Jeannie Osborne, president and chief operating officer, Stewart International. "Watching the market in Turkey, we have observed the exciting possibilities both for individual foreign buyers looking to purchase vacation or second homes, and for lenders targeting the vacation and resort markets."
In conjunction with its title and escrow work, Stewart International - Turkey will collaborate with Stewart International's Land Projects Division on developing real estate information systems, and in particular, tax collection systems for Turkish municipalities.
"As foreign investment continues to pour into the country and with the opportunities in tax collection and the development of a mortgage securitization market, Turkey offers exciting possibilities," said Tevfik Turel, country manager for Stewart International - Turkey.
Turel is also the senior vice president and director of Global Land Projects for Stewart International.
About Stewart International
Stewart International provides oversight and leadership for Stewart's expansion to markets outside of the United States. By consulting with governments on land laws, developing automated public land record systems, promoting primary and secondary mortgage markets, delivering solutions that speed and simplify the conveyance process, and providing market-driven title assurance, Stewart International enhances the real estate transaction process. To date, Stewart provides title guaranty and/or insurance, escrow services, and real estate information services in more than 30 countries through its offices in Australia, Canada, Costa Rica, Czech Republic, Dominican Republic, Mexico, Poland, Romania, Scotland, Slovak Republic, South Korea, Spain, Turkey, the United Kingdom and the United States. Stewart has an 18-year history of providing real estate information solutions for governments in areas including Slovak Republic, Trinidad and Tobago, St. Lucia, Hungary, Costa Rica, Washington, D.C., and other locations in the United States.
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 7,500 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records, property ownership mapping and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.