Foreign bank interest in Turkey’s fast-growing banking market shows no sign of slowing down, with ING of the Netherlands the latest new entrant into the country’s increasingly cosmopolitan financial services sector. In June, ING signed a contract with the Armed Forces Pension Fund (Oyak), to acquire its subsidiary, Oyak Bank.
Under the terms of the agreement, ING will buy 100% of Oyak Bank for $2.67 billion in cash, equating to a price to book multiple of 3.26. ING was advised by Citi, and Oyak by Morgan Stanley.
Commenting on the purchase, Michel...
