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Western EuropeOctober 2 2005

MAIN STORY: Hapoalim joins rush into Turkey with stake in C Bank

Israel’s biggest financial institution, Bank Hapoalim, announced on September 13 that it had signed a memorandum of understanding to acquire a 50% share in Turkey’s C Kredi ve Kalkinma Bankasi (C Bank) for $113m, with the aim of breaking into the lucrative Turkish mortgage and project finance markets.
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With its partner RP Capital Group, it signed the memorandum with the owners of C Bank. RP Capital, an Israeli finance house that specialises in investing in large emerging markets projects, intends to buy a 7.5% stake in the Turkish bank, Hapoalim told the Tel Aviv Stock Exchange.

The planned purchase, which is dependent on the outcome of a two-month inspection of C Bank, took place as foreign companies rushed to snap up Turkish bank assets ahead of Turkey’s membership talks with the EU on October 3.

C Bank, a subsidiary of Turkey’s Cingilli Holding, a small financial services group, posted a net income of $6.3m on $120.9m in assets in the first six months of this year. The bank operates three branches and specialises in project finance.

It financed the construction of the new Istanbul International Airport Terminal and is providing loans for the construction of the new Cairo International Airport Terminal.

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