Turkish Banking Agency approves sale of Oyak Bank to ING

The Netherlands-based ING Bank obtained Friday an approval of the Turkish Banking Regulation & Supervision Agency (BDDK) to acquire Turkey's Oyak Bank.

Turkish Banking Agency approves sale of Oyak Bank to ING
ING and Oyak Bank CEOs will hold a press conference after the sale is finalized, the Dutch bank announced in a statement.

"The approval of the BDDK is an important step forward in executing our growth strategy in Turkey," Eli Leenaars, the Executive Board member who is responsible for ING's global retail banking activities, said.

Leenaars also said he is convinced that by leveraging ING's know how in combination with Oyak Bank's strong distribution and knowledge of the market, they will be able to set the standard in helping Turkish customers to manage their financial futures.

ING announced on June 19th, 2007 to have reached an agreement with Oyak Group to acquire 100 per cent of the shares in Oyak Bank for an amount of 2.673 billion USD.

Founded in 1984, Oyak Bank is a leading bank in the Turkish market with 5,900 employees and a market share of approximately 3 percent. It offers a full range of banking services with a focus on retail banking. The bank has 1.3 million active retail customers and 13,500 SME customers. In total it has 365 branches throughout Turkey, with a good representation in all major cities.

ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries.

With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.Column.

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Güncelleme Tarihi: 14 Aralık 2007, 12:38
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