The National Bank of Greece, a major bank in the country, will pay 2.3 billion euros for all the founder shares totaling 46 percent of Finansbank shares.
A purchasing agreement was announced by the chairman of the National Bank's executive committee, Takis Arapoglu, and Finansbank Chairman Husnu Ozyegin in the capital, Athens. The National Bank of Greece plans to call for public owned shares in the second half of 2006.
According to the data received, should the National Bank fail to gain ownership of 50.01 percent of shares in Finansbank, FIBA Holding will sell some of its shares to the Greek National Bank, making this the greatest commercial agreement between Turkey and Greece.
Once the agreement is completed, it will be the largest foreign investment made by Greece in Turkey. With the 46 percent share sale, bank chairman, Ozyegin gained ownership of 9.68 percent of shares while the remaining 44.32 percent is distributed among private native and foreign investors.
The Turkish economy is regarded as the fastest growing economy in Southeastern Europe, Arapoglu recorded, adding that foreigners are determined to enter the Turkish market with the help of developments during the EU process.
Arapoglu said the Greek National Bank will provide serves for a population of 124 million people, and that Ozyegin will continue in his administrative role with this agreement, specifically Finansbank's Turkey operations.
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