Oyak marches to the profit drumbeat
Marriages of convenience to decline?
Turning an 11-branch operation into the eighth-largest bank in Turkey cannot be considered a failure. In spite of this, and the fact that it is one of the few pieces of the Oyak puzzle that bears the group’s name, Oyak Bank is unwanted by the fund’s key decision makers. As a consequence, Merrill Lynch has been awarded the mandate to sell the bank, which at year-end 2005 had assets of TL 8.38
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