12/26/2007

Turkish Oyak Bank sale to ING Group completed

Today's Zaman - Only 10 days after the Banking Regulation and Supervision Agency (BDDK) approved the purchase of Oyak Bank by the Dutch-owned ING Bank, the process of share transfer has officially been completed. In a written statement yesterday the ING Group announced the completion of the transfer, noting that the details of the procedure will be disclosed at a press conference in mid-January. Meanwhile, Eli Leenaars, a board member of ING and the director of international sales and marketing for the company, termed their acquisition of Oyak Bank as a "very good" investment. In an exclusive interview with the Cihan news agency in the Netherlands yesterday, Leenaars said this will not be their last deal in Turkey and that more investments would follow. He also noted that they will replace the Oyak name with that of ING. Pointing to the fact that their mid-term target is to increase the market share of Oyak Bank from 3 to 5 percent, Leenaars stated that they will support their Turkish customers and manage their financial investments in the best way possible, utilizing ING's international experience and Oyak Bank's strong distribution network. Established in 1984, Oyak Bank employs a total of 5,900 people. Serving 1.3 million customers and 13,500 corporate customers, Oyak Bank has 365 branches throughout Turkey. On June 19, 2007, the ING Group and Oyak Group agreed on the sale of 100 percent of Oyak Bank's shares for $2.6 billion.

ENGLISH