Recent development
On November 23, 2015, the Savings Deposit Insurance Fund of Turkey ("SDIF") announced that it will launch another tender for the sale of 94.4% stake in Adabank A.S. Adabank, established in 1984, was transferred to the SDIF in 2004, which has held several unsuccessful tenders for the sale of the bank over the past decade. The previous tenders were cancelled due to a lack of qualified bidders and winning bidders being rejected by the Banking Regulation and Supervision Authority.
Tender details
The tender price for Adabank, which currently holds a deposit banking license, is USD 60 million. The tender will be held on February 23, 2016, but bidders must first submit their proposals by February 17 for preliminary qualification. The bidder or its parent company must either (i) have at least USD 200 million of unrestricted deposits, or (ii) equity (excluding minority rights) of at least USD 200 million. Bidders passing preliminary qualification will then be required to provide a cash bond or bank guarantee of at least USD 6 million.
The deadline for submitting final bids is February 22.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
