Published: January 11, 2011
Dutch bank pays US$80mn for majority stake in Turkish player.
Dutch bank Credit Europe Bank has bought a 95% stake in Turkey’s Millennium Bank from Banco Comercial Português for €58.9mn (US$78mn).
The deal was announced in early 2010, but closed only in December. Credit Europe may buy the remaining 5% of the target at a later stage.
Credit Europe has subsidiaries in The Netherlands, Germany, Belgium, Malta, Russia, Romania, Switzerland, Ukraine and the United Arab Emirates. Its parent group, FIBA Holding, ran Turkey’s Finansbank until selling it to the National Bank of Greece in 2006.