Tuesday, July 15, 2008

Lebanese businessman reportedly eyes lender Tekstilbank.

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Lebanese businessman reportedly eyes lender Tekstilbank. Lebanese businessman Adnan Kassar is interested in acquiring lender Tekstilbank, according to local daily Star. The businessman has long desired to purchase a bank and finally got in contact with JP Morgan for talks, the daily reports. An unnamed Tekstilbank official declined to comment for Reuters , as the subject is rather sensitive and the bank is publicly traded. In May, GSD Holding, which controls a 75.5% stake in Tekstilbank, mandated JP Morgan as financial advisor for a full or partial sell-out of the lender. Last week, GSH Holding informed the Istanbul Stock Exchange that JP Morgan started talks with some potential buyers. Founded in 1986, Tekstilbank is one of the small-sized commercial banks in Turkey . The bank’s assets stood at TRY 2.9bn at end-2007 and it net profit in the year amounted to TRY 42mn. Last year, local media speculated that Dutch ABN AMRO would acquire Tekstilbank in a deal exceeding USD 700mn. However, this was later denied.

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Lebanese businessman reportedly eyes lender Tekstilbank.

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