Description

Bank Overview:
• The Bank started its operations in the early 1980s and is regulated by the Central Bank of Turkey.
• The Bank underwent a merger with another bank in 2005.
• Since 2008, 60% of the Bank was acquired by a leading GCC-based bank. The Bank increased its capital in 2008 to TL 800,000 and to TL 1,775,000 in 2012, and to TL 1.775 billion in 2014.
• The Seller has 33% of the bank with the majority owner owning 67%.
• As of the end of 2014 the Bank operated through 280 branches with around 4,500 employees.

Activities:
The Bank operates in accordance with the principles of interest-free banking as a participation bank, by collecting funds through current accounts and profit sharing accounts, and lending such funds through production support, finance lease and profit/loss sharing partnership.

In addition, the Bank offers insurance services through numerous agency branches. Besides, it has private pension insurance agency operations on behalf of 2 groups. In addition, it has stock broker agency services.

The Bank has additional services such as letters of guarantee, import credits and acceptance credits and other kind of non-cash credits as well.

The Bank has a wholly-owned subsidiary that generates leasing/rental income by leasing assets back to the originating company which were taken over from the originating company.

Financial Highlights:
• 21% growth in Loans between 2013 and 2014.
• 20% growth in Funds Collected between 2013 and 2014.
• 37.5% increase in Profit Share Income between 2013 and 2014.
• 7.5% increase in Net Profits between 2013 and 2014.

Transaction:
The Owners of the 33% of the Bank would like to sell and focus on their core business in another industry.

Posted Jan 30, 2015

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