Posted on 14 February 2011
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, INGs 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 shareholders equity. (FT, London)