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 |
 Technorati Tags: Banking Sector, Acquisitions, Mergers, Banks, Deal Flow, TurkeyLabels: acquisitions, Banking, Mergers
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Publisher: Jon H. Black
