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Sahenk: realized through
negotiations with
UniCredito that Garanti's
value "was more
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Ever the bashful bride, Turkey's Garanti Bank has turned away from a second marriage offer from Italy's Banca Intesa over apparent differences on long-term risks, values and the treatment of employees in the post-merger environment.
The merger, which unravelled in July after scarcely a three-month engagement, would have joined Italy's largest bank, with assets of almost $330 billion, and Turkey's number three financial institution, with assets of about $16 billion and shareholder equity of $1.75 billion.
The much publicized acquisition by a leading European bank of Turkey's third-largest privately owned bank was heralded as a...
