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)
