Local firm to sell stake in bank to Azeri firm

Hülya GÜLER ISTANBUL - Hürriyet

Turkey’s Aksoy Holding Chairman Erdal Aksoy speaks at a meeting. The company plans to sell a majority stake of TAIB Bank, to an Azeri bank. DHA photo

Turkey’s Aksoy Holding plans to sell a majority stake of TAIB Bank, which it acquired from the Dubai Sheikh last year, to an Azeri group, the chairman of Aksoy Holding has said.

Erdal Aksoy Holding planned to increase the bank’s capital by 80 million Turkish Liras and sell its majority stake to an Azeri Bank, the Chairman Erdal Aksoy said, without declaring the name of the company.

Aksoy Holding bought Turkish subsidiary of TAIB Bank, owned by Dubai Sheikh al-Maktoum, last June. The company applied to the banking sector watchdog BDDK for a capital increase. After the BDK approves its application, Aksoy Holding is expected to accelerate sale talks with the Azeri bank.

The Chairman said the company, which also owns Turcas Petrol, aimed to expand their operations in the energy and tourism sectors. “Banking is a new business for us. We’d like to continue our way on banking with a big partner that we’ll take into TAIB Investment Bank. We are waiting for approval from the BDDK for 80 million liras capital increase. The agreement will be formed by the end of this year,” he said. Aksoy also noted that they planned to sell the majority stake to their new partner.

Bahrain-based TAIB Bank has had operations in Turkey since 1987. TAIB Bank’s assets reached around 19 million liras last year.