Dutch Bank Buys in Turkey

Posted on 14 February 2011

Date: 19/06/2007
Dutch Bank Buys in Turkey

ING, the Dutch banking and insurance group, has moved into the Turkish banking sector with the $2.67bn cash acquisition of Oyak Bank. ING said it would invest to rapidly extend market share by opening branches, improving marketing and expanding internet banking.

Michel Tilmant, ING’s chief executive, said the transaction was “in-line with our strategy”. He said it was “the perfect time” to enter Turkey, citing a range of demographics to justify the deal, which will result in a price/earnings multiple of 26.6 times 2006 normalised earnings and a price/book multiple of 3.26 of shareholder’s equity. (FT, London)

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