ING announced today that it has obtained an approval of the BDDK, the Turkish banking regulator to acquire Oyak Bank.
Eli Leenaars, Executive Board member and responsible for ING's global retail banking activities said, "The approval of the BDDK is an important step forward in executing our growth strategy in Turkey. I am convinced that by leveraging ING's know how in combination with Oyak Bank's strong distribution and knowledge of the market we will be able to set the standard in helping our Turkish customers to manage their financial futures."
ING announced on 19 June 2007 to have reached an agreement with Oyak Group to acquire 100 per cent of the shares in Oyak Bank for an amount of USD 2.673 billion.
Founded in 1984, Oyak Bank is a leading bank in the Turkish market with 5900 employees and a market share of approximately 3%. It offers a full range of banking services with a focus on retail banking. The bank has 1.3 million active retail customers and 13,500 SME customers. In total it has 365 branches throughout Turkey, with a good representation in all major cities.
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ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
