Printer Friendly

-Burgan Bank denies speculation on Eurobank Tekfen deal.

BANKING AND CREDIT NEWS-February 23, 2012--Burgan Bank denies speculation on Eurobank Tekfen deal(C)2012 M2 COMMUNICATIONS

23 February 2012 - Burgan Bank is not involved in discussions related to the purchase of a majority holding in Turkish Eurobank Tekfen, the Kuwaiti lender said in a stock exchange filing on Thursday.

According to the statement, Burgan has no ownership of a significant stake in the Turkish sector player. Burgan also said it was exploring some investments to back its expansion, without disclosing details.

A day earlier, Reuters quoted sources as saying that Burgan had signed an agreement to take a 70% stake in Eurobank Tekfen. The Istanbul-based bank is a venture of Greek EFG Eurobank and Turkish Tekfen Holding.

EFG Eurobank, which has been seeking an exit from the venture, said in July 2011 it was holding discussions to sell a majority interest in the unit.

((Comments on this story may be sent to

COPYRIGHT 2012 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 Banking & Credit News (BCN)
Date:Feb 23, 2012
Previous Article:-RBS swings to GBP1.8bn loss in Q4 2011.
Next Article:-NIC Bank posts 47% rise in 2011 EPS.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters