BNP Paribas has acquired 50% of TEB Financial Investments AS from Turkey’s Colakoglu Group for $216.8m. The sales agreement, signed in Istanbul on February 11, means that the French bank now has control of a 42.2% stake in Türk Ekonomi Bankas¦ (TEB), a midsize Turkish bank. The development came as European banks stepped up a campaign to buy shares in Turkish banks, ahead of the start of Turkey’s membership talks with the EU in October.

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