Lebanese Bank Interested in Turkish Lender

Image Lebanese lender Bank Audi is interested in acquiring Tekstilbank of Turkey, daily Sabah reported Thursday but did not say where it obtained the information. The newspaper also reported that Tevfik Bilgin, head of the Banking Regulation and Supervision Agency, previously said some banks that “believe in Turkey's potential” may take their place in the market.

Bank Audi, owned by the Audi Saradar Group, is active in 11 countries. As of the first quarter of the year, its assets totaled $28.9 billion, while its consolidated net profit was $90.4 million.

In comparison, Tekstilbank has 44 branches and 75.5% of it is owned by GSD Holding, which is run by businessman Turgut Yılmaz. The rest of the bank is being publicly traded. Its asset size totals 2.7 billion Turkish Liras. Its net profits for the first quarter were at 5.6 million liras. Turgut Yılmaz is the brother of Mesut Yılmaz, a former prime minister.

In a statement to the Istanbul Stock Exchange on Thursday, Tekstilbank said it had not received offers from investors to buy a stake. However, it said it would consider whether to restart formal efforts for a sale.

Tekstilbank shares lost 15.3 percent since the start of the year, and closed the morning session Thursday at 0.94 liras.

Tekstilbank’s owners “would consider concrete offers,” Bloomberg reported the company as saying in its filing.

Last year, Bank Audi acquired the Monaco affiliate of Commerzbank with the aim of expanding into Europe. Source: Hurriyet Daily News
Last modified onSaturday, 06 May 2017 10:07