Turkey’s Aksoy Holding reportedly agrees to buy Bahrain-based TAIB’s Turkish unit.

By bne IntelliNews May 23, 2013

Turkey’s Aksoy Holding has agreed to buy Bahrain-based TAIB’s TAIB Investment Bank Turkey, a source familiar with the issue told Reuters on Wednesday. The deal is pending the banking sector watchdog BDDK’s approval, according to the source who declined to comment on the size of the deal.

Assets of TAIB Investment Bank were TRY 15.9mn (EUR 7mn) and TAIB Investment Bank posted TRY 1mn in loss in Q1 this year after it reported a loss of TRY 1.5mn last year. Its loans stood at TRY 500mn in Q1. TAIB Investment Bank has one branch and 14 employees. There are a total of 13 development and investment banks in Turkey’s banking system with 41 branches and around 5,000 staff. Aksoy Holding is active in energy, tourism, real estate & construction sectors. Aksoy holds a 51.6% stake in Turcas Petrol and it also has a stake in Istanbul Conrad Hotel.

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