A Turkish Private Equity Web Log

In an effort to cover the Turkish Private Equity Industry - for the promotion of Entrepreneurship, the private equity asset-investment model, and the communication thereof.

Banking Sector Acquisitions in Turkey
The purhase of Oyak Bank by the Dutch ING Group has again brought to the fore the palpability of Turkey's banking sector and opportunity that exists. The total value of the sale will be $2.67 billion for 100% of Oyak Bank, which was previously owned by the Turkish Armed Forces Pension Fund.

Although, these are not private equity deals per se, I would just like to highlight that the potential still exists for equity investors from abroad proven by the extent of the current acquisition dealflow in the banking sector.

Thankfully, TDN published a nice chart of these acquistions that I will reproduce here and keep updated. Since 2001, there have been 17 deals done involving 15 banks selling equity partitions totaling $16.98 billion. Here are the deals:

Latest Banking Acquisitions in Turkey
(Originally Sourced from TDN)
Bank Date Acquirer Acquired % Amount Paid (USD)
Demirbank Sept. 2001 HSBC 100% $350 mln
Koç Fin. Serv. Oct. 2002 Unicredito 50% $240 mln
TEB Fin. Serv. Nov. 2004 BNP Paribas 50% $217 mln
Yapi Kredi Bank Jan. 2005 Koçbank 57.4% $1,390 mln
Şekerbank July 2005 Rabobank 36.5% $90 mln
Dişbank Aug. 2005 Fortis 89.3% $1,056 mln
Garantibank Aug. 2005 GECF 25.5% $1,560 mln
C Bank Dec. 2005 Bank Hapoalim 57.5% $113 mln
MNG Bank Jan. 2006 Dubai Islamic Bank 100% $160 mln
Finansbank Mar. 2006 NBG 46% $2,780 mln
Tekfenbank May 2006 EFG Eurobank 70% $185 mln
Denizbank May 2006 Dexia 75% $2,440 mln
Şekerbank June 2006 Turan Alem 34% $260 mln
Akbank Oct. 2006 Citigroup 20% $3,100 mln
Alternatifbank Nov. 2006 Alpha Bank 50% $205 mln
MNG Bank Apr. 2007 Arab Bank/ Bank Med 91% (50%/41%) $160 mln
Oyak Bank June 2007 ING Group 100% $2,760 mln
UPDATED 27-07-07:
Turkiye Finans July 2007 Saudi National Commercial Bank 60% $1,080 mln
Turkish Bank July 2007 National Bank of Kuwait 40% $160 mln

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NGO Endeavor Announces 2007 Turkish Entrepreneurs
This last week, according to Referens Newspaper, "the Turkey office of Endeavor, a global non-profit organization that identifies and supports high-impact entrepreneurs in emerging markets to facilitate and encourage long-term sustainable growth, announced their 'Endeavor Entrepreneurs' awards."

Out of more than 300 candidates for the awards, here are the winners:

  • Yemeksepeti.com allows customers to browse menus of registered restaurants with delivery services and order online. It provides an easy ordering service for even the smallest and obscure eatery. Although I'm at a loss as to what round of funding they have gone through or whether they are self-funded. Maybe my readers can help on the comments line.

  • Dükkan is not your ordinary butchershop (nor venture investment), but has an infectious concept of quality that could only come from a true entrepreneur. Emre Mermer's Dükkan has an amazing and educational website and delivers to all Istanbul's top hotels and restaurants.

  • Pozitron is a mobile applications and closed circuit systems developer. Their website has a detailed account of their latest writeups and accolades including presenting at the March Mobile Monday event(presentation seen here on Cem Sertoglu's Mobile Monday page (2.6MB PDF)).

  • Pi Works is a telecommunications (mobile technologies), operations and software development company registered in Dallas, TX, but with sales offices in Istanbul and Johannesburg, South Africa. Their software developement and engineering operate out of Turkey's largest TechnoPark.

Of these award winners, I applaud their tenacity, perspective and ideas toward growth, and through innovation, breaking the mold that our society gives us. It is a breath of fresh air and makes me pause and think again of Turkish entrepreneurship.

One final note - of the VC's that I have spoken with, Endeavor does provide some dealflow for the area VC's and is a valuable driver or barometer of innovation in Turkey, and for their sake, they are doing their part. But I wonder what time the Turkish Board of Directors has in volunteering if not for the sake of corporate venturing. I guess for an NGO honorary board, you have to have a Koç (from the society pages), Sabanci or a Doğan to make if official, but it isn't exactly entrepreneurial (aside from the rest of the board).

Visit Endeavor's global website for a final understanding of what Endeavor does in the world.

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