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
