BANKING - The 62.37 percent stake in Arab Turkish Bank will be returned to Libya

www.balkans.com - The 62.37 percent stake in Arab Turkish Bank (A&T Bank) that Turkey’s Savings and Insurance Fund (TMSF) took over from Libya’s Foreign Bank in July 2011 will be returned to Libya following the bank’s 34th general assembly, which is slated to take place on March 15, according to a decision made by Turkey’s Banking Regulation and Supervision Agency (BDDK). (source)

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)