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Bargain basement opens to business

Headline: Bargain basement opens to businessSource: EuromoneyDate: September 2001         Zafer Kurtul In the long term, the banking crisis will probably be remembered as the beginning of the period when market dominance started passing to foreign banks. The Turkish banking sale season has opened and there are many bargains. “Compared with price-to-asset […]

January 1, 2000

Headline: Bargain basement opens to business
Source: Euromoney
Date: September 2001

       
Zafer Kurtul
In the long term, the banking crisis will probably be remembered as the beginning of the period when market dominance started passing to foreign banks. The Turkish banking sale season has opened and there are many bargains. “Compared with price-to-asset valuations of around 50% to 60% a year ago, bank valuations have now declined to 15% to 20% of assets,” says Credit Suisse First Boston’s head Turkish analyst, Afa Boran.



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