Fiba announced in a statement that Banco Comercial Portugues would sell 95 percent of Millennium Bank to Credit Europe Bank N.V., a wholly owned subsidiary of Turkey’s Fiba Group, for a total price of approximately 61.8 million euros subject to a final adjustment when the transaction is completed.
Banco Comercial Português will retain a 5 percent stake in the company, having agreed with Fiba on a put and call mechanism to sell the remaining stake for a price per share no lower than the price agreed for the majority stake.
Following the acquisition, Fiba will be back in Turkey’s banking sector after four years. In 2006, Fiba Group sold 46 percent of shares of Finansbank Turkey and its subsidiaries for $2.77 billion to the National Bank of Greece (NBG). NBG bought the remaining 9.68 percent of shares in September 2008 for $697 million.
Fiba Group is active in the financial services industry, aviation, retailing, real estate, energy, ship building and port management. Its subsidiary Credit Europe Bank operates in the Netherlands, Germany, Belgium, Switzerland, Russia, Romania, Ukraine, Dubai and Malta.
