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Turkish state fund puts 94.44% of local lender Adabank up for sale

Dec 29, 2014, 5:56:18 PMArticle by Yurkie Ali
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ISTANBUL (Turkey), December 29 (SeeNews) – Turkey’s state-run Savings Deposit Insurance Fund, TMSF, said it will sell in auction 94.44% of local bank Adabank.

Turkish state fund puts 94.44% of local lender Adabank up for sale

The auction is scheduled for February 4, the fund announced in the Thursday issue of Turkey’s official gazette. Bidders can place offers for preliminary qualification by January 28. Those who pass the preliminary qualification process must submit final bids by February 3.

TMSF said it has put a target price of $77.5 million (94.6 million euro) for the stake.

Previous auctions for the sale of the stake yielded no result, daily Sabah said. TMSF seized Adabank from the Uzan Group in 2003.

($ = 0.819 euro)

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