.jpg)
HSBC has decided to retain and restructure its unprofitable Turkish unit, Group CEO Stuart Gulliver announced on February 22.
“We have received a number of offers for our business in Turkey since June, none of which were deemed to be in the best interests of shareholders,” Gulliver said in a statement. “We have therefore decided to retain and restructure our Turkish operations, maintaining our wholesale banking business and refocusing our retail banking network”.
Gulliver said on November 2 that he expected that sales process to take a little bit longer. ING abandoned a plan to acquire HSBC’s Turkish unit due to regulatory issues, people familiar with the matter told Bloomberg in December, adding that local banks Garanti and Yapi Kredi were also interested in HSBC’s Turkish operations.
In December, Qatar National Bank (QNB) entered into a definitive agreement with National Bank of Greece (NBG) for the acquisition of its entire stake comprising 99.81% in Finansbank for a total consideration of €2.7bn. NBG bought Finansbank for $2.8bn in 2006.
Related Articles
Turkey ups steel exports 28% in 2024 driven by EU shipments, US takes just small percentage
Turkey upped its steel exports by 27.6% y/y in 2024 to 13.4mn tonnes, according to the Turkish Steel Association (TCUD). Growth was driven by shipments to the European Union (5.9mn tonnes, up ... more
TPAO arm contracts Subsea7 for Sakarya gas field work offshore Turkey
Turkish Petroleum Offshore Technology Centre AS (TP-OTC) has contracted international offshore service provider Subsea7 to provide inspection, repair and maintenance (IRM) services at the Sakarya ... more
Turkish firm Bonysocks earmarks $50mn to build Egyptian factory
Turkish socks manufacturing company Bonysocks plans to invest $50mn to build a new factory in Egypt, Al Ahram reported on January 12 citing the Turkish Ambassador in Cairo, Salih Mutlu Şen. ... ... more