BANKING - G Capital, a subsidiary of GFH acquires Adabank in Turkey

G Capital a Dubai based company and a subsidiary of the Bahraini investment bank, Gulf Finance House (GFH), in partnership with Gürmen Group, has acquired Adabank in Turkey for US$ 75 million. Adabank is a Turkish Bank headquartered in Istanbul, Turkey and placed for sale by the Savings Deposit Insurance Fund (TMSF). (source)

BANKING - Erdogan Friend Gur to Buy Adabank With Gulf Finance House

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)