TMSF to put Adabank on the block again
Savings Deposit Insurance Fund (TMSF) President Ahmet Ertürk said yesterday the fund has preliminary plans to announce the conditions, price and schedule for the sale of Adabank next week.
Responding to questions from the press after giving a speech at the first KPMG Turkey Financial Risk Management Conference in İstanbul, Ertürk said the TMSF is in the final preparatory phase for the Adabank sale as there remain no further legal obstacles after courts rejected all requests for a stay of execution on the sale. The TMSF had confiscated Adabank and İmar Bankası in 2003 to cover the losses that the former owners, the Uzan family, had imposed upon the state from their mismanagement of the banks. “We don’t want Adabank to stay in the system as a small bank, and we want a quick solution,” Ertürk said, noting that there will be sufficient demand for Adabank, including from certain foreign banks. Regarding a question over whether the TMSF was concerned about the Republican People’s Party’s (CHP) motion of no confidence in Prime Minister Recep Tayyip Erdoğan, accusing him of illegally intervening in the sale of the Sabah-ATV media group, Ertürk said the motion was completely political and had nothing to do with the fund. The no-confidence motion by the CHP did not include any details about the sale process, he noted. The TMSF had sold the media group to Turkuvaz, Çalık Group’s subsidiary in the media sector, for $1.1 billion.
Erol Bektaş, a board member of the Banking Regulation and Supervision Agency (BDDK), also gave a speech at the conference. He said the Turkish banking industry has become more resistant to negative developments in the external markets with its high profitability, strong capital structure and improvements in risk levels.
source: Today’s Zaman
Tags: Tenders & IPOs