Credit Europe Bank acquires 95% stake in Millennium Bank Turkey for EUR 62mn.

By bne IntelliNews February 11, 2010
Fiba Groups banking unit Credit Europe Bank N.V, based in the Netherlands , signed an agreement to acquire a 95% stake in Millennium Bank Turkey from Portugal s Banco Comercial Portugues (BCP) for a consideration of EUR 61.8mn. The agreement gives Credit Europe Bank the option to purchase BCPs remaining 5% stake in the lender. The small-sized lender Millennium Bank Turkey has 18 branches and its asset size is TRY 973mn. Credit Europe Bank has subsidiaries in Russia , Switzerland , Dubai , Ukraine and Romania as well as branches in Frankfurt, Antwerp , Malta and has representative offices in Istanbul and Shanghai . Fiba Holding owns 95% of Credit Europe Group, which holds a 99.2% stake in Credit Europe Bank N.V.

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