GFH unit acquires Adabank in Turkey
Dubai , August 1, 2011
G Capital, a Dubai-based company and a subsidiary of Bahrain’s Gulf Finance House (GFH), has acquired Turkey’s Adabank for $75 million in partnership with Gürmen Group.
Adabank is headquartered in Istanbul and was placed for sale by the Savings Deposit Insurance Fund (TMSF), said a statement.
Esam Janahi, executive chairman of GFH, said: “We are very excited about this opportunity and look forward to working with our new partner, the Gürmen Group, as well as the Turkish authorities to commence operations in the Turkish banking sector. Turkey is a key market for us and we believe that this acquisition will serve as a platform for further co-operation between the GCC and Turkey”.
Hisham Alrayes, managing director of G Capital, said: “I’m very pleased with this achievement as we have been working to acquire a bank in Turkey for more than a year. Turkey is a growing market with many good investment opportunities, and this acquisition should create substantial value for our investors and shareholders”.
Prominent Turkish businessman Remzi Gur, chairman of Gürmen Group, said: “I am very enthusiastic about this opportunity as the entry requirements for new banks wishing to operate in the Turkish Banking sector are very high. I am also extremely pleased with our new partner G Capital and would like to thank the team which successfully led the transaction and helped to establish our partnership.”
GFH has a long track record in establishing and operating financial institutions across the Mena region. GFH has played a key role in establishing Arab Finance House (Lebanon 2003), Solidarity (Bahrain – 2004), First Leasing Bank (Bahrain - 2004), Khaleeji Commercial Bank (Bahrain - 2005), Asian Finance Bank (Malaysia - 2006), Qinvest (Qatar - 2006) and First Energy Bank (Bahrain -2008). – TradeArabia News Service