Investment in Turkey

Privatization strategy for Ziraat to be determined after Halk Bankasi sale

The method and procedures for the privatization of Turkey's largest public bank, Ziraat Bankasi, will be determined based upon the experience gained from the sale of Halk Bankasi, another large public bank, Minister of State and Deputy Prime Minister Nazim Ekren said.

Ekren, who is responsible for coordinating the management of the economy within the Cabinet, pointed out to a current law on privatization that obligates the government to complete all sales by 2010 at the latest.

Tekstilbank is up for sale

GSD Holding’s board of directors have announced that regarding Tekstilbank, of which GSD Holding is the primary shareholder, they have decided to take actions in order to evaluate strategic options in the banking sector, such as possible partnerships and sale of shares.

Greece's NBG grows '07 profit 70%, Turkey helps

Reuters - National Bank (NBG), Greece's biggest lender, grew net profit 70 percent last year, cashing in on robust retail credit expansion and the buyout of Turkey's Finansbank.

The group said on Tuesday full-year 2007 net earnings after minorities was 1.678 billion euros ($2.55 billion), at the top end of forecasts. "Our performance in 2007 serves to reinforce our expectations for dynamic growth in the group's business in Greece and the wider region of southeast Europe and Turkey," NBG Chief Executive Takis Arapoglou said in a statement.

National Bank, present in Bulgaria, Serbia, Romania and Albania, said Turkish subsidiary Finansbank contributed 448 million euros to group earnings.