Turkish authorities announced Friday, January 26, the merger of five bankrupt banks, which had been placed under state control, to help clean up the troubled financial sector.
Four of the banks — Egebank, Yurtbank, Yasarbank and Bankapital — were merged under the banner of Sumerbank, the Banking Regulation and Supervisory Agency said, according to Anatolie news agency.
The banks would have been unable to attract future buyers on their own, the banking authority said.
Four other banks had managed to attract investors: Bank Ekspress, Esbank, Interbank and Turkbank, the banking agency said, without giving further details.
Turkey also invited bids for the sale of a private bank bailed out in December amid a severe financial crisis. The board of banking regulation and supervision said in an announcement in the official gazette that those interested in buying Demirbank should apply within 15 days. The management of a central bank fund, to which the bank was transferred, would choose the most appropriate bid, the announcement said without specifying a date for the finalisation of the sale.
Demirbank, the ninth biggest of 80 Turkish banks, was hit by liquidity problems when a crisis battered the country's money markets last month prompting the International Monetary Fund to release rescue aid of about $10 billion (10.75 billion euros ).—(AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com )