The Biggest Banking Mergers & Acquisitions in Turkey
Turkey is making some economic reforms in order to become part of the European Union. As a result, the Turkish banking industry has seen many changes. These changes include massive restructuring and various banking mergers that have made their marks on the financial history of Turkey.
You can see the biggest of these banking mergers and acquisitions in the following:
Denizbank AS
First, Denizbank was a state bank of Turkey. In the early 1990s, Turkey decided to merge together some of its state banks, and Denizbank and Emlakbank has merged.
After this banking merger, Denizbank seemed not too much energized. So Turkey decided to privatize it, it became the target of acquisition for Zorlu Holdings. Under umbrella of Zorlu Holdings, Denizbank flourished and became one of the biggest banks in Turkey. Now, Dexia who is a banking giant of Belgium owns Denizbank.
Finansbank AS We can easily say that Finansbank is always one of the leading banks in Turkey. It was established by Husnu Ozyegin, a leader in the banking industry of Turkey, in 1987. However, National Bank of Greece acquired Finansbank in 2006. This acquisition becomes the largest financial transaction ever held between Turkey and Greece.
Oyak Bank
Oyak Bank used to be a branch of the First National Bank of Boston in Turkey. After, Oyak Group bought the majority of shares of Oyak Bank. In 2001, Sumerbank and Oyak Bank realized a banking merger in the umbrella of Oyakbank, and expanded its network all over Turkey and Europe.
Turkiye Finans
One of the most interesting banking mergers histories is Turkiye Finanss. Anadolu Finans Kurumu AS of the Boydak Holding and the Family Finans Kurumu AS of the Ulker Group has married and the merger which was finalized in 2005 was the product of this marriage. Both parent companies are recognized leaders in Turkeys trading and industrial sector.
Turkiye Garanti Bankasi
Garanti Bank which is based in Ankara first started as an independent and privately owned commercial. In 1983 it was acquired by Dogus Group, a Turkish conglomerate that has interest in various sectors, including finance, this acquisition led to the growth of Garanti. In 2005, General Electric and Dogus Group have agreed to divide shares of Garanti in equal, thus creating an equal partnership within the bank.
Yapi Kredi Bankasi
Yapi Kredi Bankasi was born with one of the most successful banking merger history of Turkey. The merger was realized by two parties, Yapi ve Kredi Bankasi and Kocbank AS, both respected entities in Turkeys banking sector.
The banking merger between these two entities is considered to be the biggest merger in the history of banking in Turkey. In 2006, the last step of the merger was finalized and as a result, Kocbank was dissolved and Yapi Kredi Bankasi was emerged.
Cane Williams from KonutKredileri.com, the contributor of Ucuz Konut Kredileri. More information on the subject is at The Biggest Banking Mergers & Acquisitions in Turkey, and related resources can be found at Banka Ev Kredi Faizleri.
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