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Turkish regulator confirms blocking Alpha Bank acquisition of 47 pct of Abank |
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Written by Thomson Financial
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Thursday, 09 August 2007 16:45 |
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Alpha Bank's purchase of a 47 pct stake of Turkey's Alternatif Bank (Abank) from the Anadolou group has been blocked by the Turkish Banking Regulation and Supervisory Agency (BRSA).
BRSA spokeswoman Tulay Bayash said the board has published the decision without specifying a reason, which is not an uncommon occurrence.
In November 2006, Alpha Bank said it would form a 50:50 holding company to hold both its 47 pct stake and Anadolou's 47 pct stake in Abank. The holding company also planned to own 95 pct of Alease, an 100 pct indirect stake in brokerage firm Alternatif Yatirim, and a 45 pct stake in listed closed-end investment fund Alternatif Yatirim Ortakligi.
Alpha Bank was also planning to launch a public offer with Anadolou to buy the remaining stakes in Abank and Alease.
Completion of the transaction, which valued Alternatif at 384.3 mln eur, was initially expected in the first quarter of 2007 but had been subject to chronic delays.
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