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.
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