Factor seeks partnership with bank giant


Turkey Economy Bank (TEB) Financial Investments Inc., the private banking, factoring, leasing and investment group, announced yesterday that it is starting discussions with the French finance group, BNP Paribas, regarding a possible joint venture.

After an executive board meeting this week, the decision was announced in a written statement to investors.

Paribas' earliest activity in Turkey dates back to Osmanli Bank. As the main share capital supplier of Osmanli Bank, the Paribas group sold its shares to the Clover Investment division of Garanti Bank in 1996. Paribas already has a 30 per cent share of BNP Ak Dresdner Bank.

TEB is the arm of Colakoglu Holding, which is active in the steel and iron, energy, container production and oil distribution sectors. Since the early 1990s, TEB has been visible in the private banking sector in addition to its investment, leasing, factoring, and insurance businesses.

Source: BCR



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