The general assembly of the Turk Ticaret Bankasi (Turkbank) has decided to liquidate the financial institution, reported Zaman. The bank is 84.5 percent owned by the Turkish Savings Deposit Insurance Fund (TMSF).
Under a $15.7 billion IMF-backed crisis recovery package, Turkey has promised to sell or liquidate the 13 banks it took into receivership. Some of the banks have since been merged into larger institutions in a bid to make them more attractive to potential buyers.
Türkbank, is Turkey’s first private bank with 270 branches, 223 automated teller machines (ATM) and close to two million customers. The bank was at the center of a scandal in 1998 when a $600 million tender for a majority stake in the bank, already controlled by the TMSF, was cancelled after the bank was accused of fixing the result of the sale. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
