Mavi Boncuk | Turkey’s Fiba Group [1] has signed an agreement with Banco Comercial Português to purchase 95 percent of Millennium Bank in Turkey, Fiba said on Wednesday.
Fiba announced in a statement that Banco Comercial Portugues would sell 95 percent of Millennium Bank to Credit Europe Bank N.V., a wholly owned subsidiary of Turkey’s Fiba Group, for a total price of approximately 61.8 million euros subject to a final adjustment when the transaction is completed.
Banco Comercial Português will retain a 5 percent stake in the company, having agreed with Fiba on a put and call mechanism to sell the remaining stake for a price per share no lower than the price agreed for the majority stake. Following the acquisition, Fiba will be back in Turkey’s banking sector after four years. Fiba Group is active in the financial services industry, aviation, retailing, real estate, energy, ship building and port management. Its subsidiary Credit Europe Bank operates in the Netherlands, Germany, Belgium, Switzerland, Russia, Romania, Ukraine, Dubai and Malta.
[1] In 2006, Fiba Group transferred 46% shares of Finansbank Turkey and its subsidiaries for US$ 2.774 million to National Bank of Greece (NBG). The remaining 9,68 % shares held by Fiba Group were sold to NBG in September 2008 for US$ 697 million.
No comments:
Post a Comment