Turkey Financial News

Posted by meb at May 13th, 2008

Akbank, the country’s biggest lender by market value, benefited from the “domestic capital” criterion introduced by the Turkish Armed Forces (TSK) after having sold Oyakbank to the Netherlands-based ING Bank.

Around 60 percent of all institutions affiliated with the TSK decided to break ties with Dutch ING, and agreed with new banks, among which Akbank has obtained the lion’s share, according to officials from Akbank, which closed the first quarter of the year with a net profit of YTL 720 million. (more…)

Posted by meb at April 23rd, 2008

BANK BUYER Share (%) PAID
Oyakbank ING 100 $ 2.673 bln.
Türkiye Finans NCB 60 $ 1.080 bln.
Akbank Citibank 20 $ 3.1 bln.
MNG Hariri 91 $161 mln.
Sekerbank TuranAlem 34 $ 350 mln.
Denizbank Dexia 75 $ 2.440 bln.
Tekfenbank EFG 70 $ 182 mln.
Finansbank NBG 46 € 2.3 bln.
C Bank Hapoalim 57,5 $ 113 mln.
Yapi Kredi Koc Unicredit 57,4 € 1.2 bln.
Garanti GE 25,5 $ 1.556 bln.
Dısbank Fortis 89,3 € 880 mln.
TEB Paribas 42,1 $ 216.8 mln
Turkishbank NBK 40 $ 160 mln.

The sale of Oyakbank to Dutch banking giant ING Groep for $2.673 billion has unleashed a new “war” between Turkish banks, as the “military banking market,” worth YTL 3 billion ($2.3 billion) annually, has opened up to competition, a Turkish-language daily reported yesterday.

Oyakbank, an affiliate of the Turkish Armed Forces Assistance Fund (OYAK), had undertaken carrying out the financial needs of the military until last year’s sale. As Oyakbank signboards in branches are replaced with those of ING Bank, the vacuum might be filled by five banks, according to daily Vatan. (more…)