BREAKING NEWS

Report: Hapoalim bids for Turkish bank

By MIRA AWWAD/GLOBES

NOVEMBER 25, 2010 13:31

Bank Hapoalim offered to buy Adabank, a bank in Turkey, according to a report by Bloomberg news service.

Hapoalim was reportedly the only bidder in the tender. However, its bid of $42 million was less than half the $90 million minimum price that Turkey was seeking. Turkish regulators will now discuss the offer and decide whether to accept it or not. Options for Turkey include reopening the bidding or negotiating with Bank Hapoalim.

Bank Hapoalim already owns Turkish financial institution Bank Pozitif, which does not have a license to accept consumer deposits. Buying Adabank, which does have the necessary license, would give Hapoalim the ability to do so.

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