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BNP Paribas takes a 50 percent stake in Turkish bank

BNP Paribas takes a 50 percent stake in Turkish bank

(30 November 2004 – Asia) French bank BNP Paribas has moved to grow its business in Turkey by buying a 50 percent stake in the holding company of the country’s 10th largest bank, Turk Ekonomi Bankasi (TEB). The deal, worth US$216.8 million, was signed last week but is subject to regulatory approval and other conditions being met.

BNP Paribas could end up paying more for the bank depending on the performance of holding company, TEB Mali Yatrimilar AS.

TEB has US$3 billion in assets and more than 2000 employees and 85 branches. Last year it earned US$39 million.

In further news, BNP Paribas has inked a deal with Viet Nam Construction and Machinery Installation Corporation to finance new equipment for a cement plant near Hai Phong.

The bank will put US$164.5 million into the project.

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