8/1/2011

Dubai-based G Capital in Turkey for stability and opportunities

Sabah – Turkey’s financial and political stability, coupled with its favorable investment environment, have succeeded in attracting yet another foreign investor. Dubai-based G Capital, partnering with the local Gurmen Group, has submitted a USD 75 million bid for Adabank, put up for sale by Turkey’s Savings Deposit Insurance Fund (TMSF).

G Capital upped its initial offer of USD 53 million to USD 75 million in order to meet the reserve price set by TMSF. According to G Capital’s Chief Operating Officer David Haigh, increasing their bid stands as proof of Turkey’s appeal to international investors. “The stability that Turkey offers is to be found in neither Europe nor the USA,” Haigh pointed out. “We have been monitoring and analyzing the country for the last 2 years. The existence of a strong banking system in Turkey was vital in our decision making,” Haigh said. G Capital’s COO also drew attention to Turkey’s numerous investment opportunities in many different sectors, describing the country as a ‘sea of opportunities’. “G Capital will not limit its investments to the finance sector and will seek opportunities in energy, high-tech, insurance, tourism and infrastructure,” he said. Adabank’s sale has to be approved by Turkey’s Banking Regulation and Supervision Agency (BBDK).

The Dubai-based company is backed by one of the biggest investment banks in the Gulf, the Gulf Finance House of Bahrain. The bank has an extensive portfolio of assets in various sectors spread across four continents.
Turkey; financial services sector; gulf capital turkey; g capital; gulf finance house; gurmen group; adabank