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French Version

BNP Paribas takes major stake in Turkish bank TEB

The French bank BNP Paribas has taken a 50 percent stake in a TEB Mali, which owns 84.25 percent of the Turkish bank Turk Ekonomi Bankasi (TEB), the parent company said Friday.

The shares were transferred to BNP Paribas Thursday under an agreement reached by the two sides in November, TEB Mali said in a statement.

It did not disclose the financial terms of the deal.

BNP Paribas had said in November it would pay around $217 million for the stake, but said the ultimate amount would be determined at the time of the handover.

Beirut,02 21 2005
Redaction
The Daily Star
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