Turkish businessman Remzi Gur, a close friend of Prime Minister Recep Tayyip Erdogan, and the Gulf Finance House won an auction for Adabank of Turkey, which was put up for sale by a fund managing failed banks.
Gur and GFH bid $75 million for Istanbul-based Adabank and will have a 50-50 partnership in the unit, Gur said in televised comments on Bloomberg HT television today. Gur and GFH were the only bidders in the auction.(source)
Gur owns the Ramsey chain of men’s clothing stores. It was Turkey’s fourth attempt to sell Adabank, which has one branch and 44 staff. The Savings Deposit Insurance Fund, or TMSF, seized Adabank seven years ago from the Uzan family.
He has served as chairman of the Turkish British Chamber of Commerce and Industry and is one of only three Turks to be awarded the “Freeman” title, an honor bestowed upon the likes of Princess Diana and Nelson Mandela, according to the website of the chamber.
To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net
To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net
