They quickly put Adabank up for sale before the election

The Savings Deposit Insurance Fund (TMSF) opened a tender to sell Adabank, which was seized from the Uzan Group, 4 days before the elections. Only the company AHL Ahlatcı Financial Management AŞ participated in the tender. The Ahlatcı firm offered 215 million lira to Adabank, the estimated value of which was determined at 210 million lira. The SDIF Board will meet and decide on the sale.

If the Board approves the sale, an application will be submitted to the Banking Supervision and Regulation Agency (BDDK) for final approval. Adabank, which has been for sale continuously since 2006 but could not be sold, received the last highest offer of US$75 million (approximately TL1.5 billion at current exchange rates) in 2011. If Adabank is sold to Ahlatcı Financial Management for $10.8 million, it will go private for about a seventh of its 2011 price. Adabank, which was founded by the Uzan Group in 1984, was seized by SDIF in 2004.

REQUESTED A COMPANY

With the announcement published in the Official Gazette on April 19, 2023, SDIF put up for sale 966 million 823 thousand 400 Adabank shares worth approximately TL 210 million. In the published announcement it was reported that the tender will be held on May 24. The bidding started on May 24, 2023. However, only AHL Ahlatcı Financial Management A.Ş participated in the bidding and submitted a bid of TL 215 million, only TL 5 million above the estimated value for Adabank. In the statement issued the same day, SDIF said that if the fund’s board approves the proposal, the approval of the BRSA will be sought and the final decision will be made in accordance with the decision there.

The value of the bank sale had seen $75 million

The bank was first put up for sale in June 2006 for an approximate price of 60 million Turkish liras (about 39 million dollars, the current equivalent of about 780 million Turkish liras). However, the tender was canceled because there was no bidder. The bank went up for tender again a month later. Kuwaiti The International Investor Company submitted an offer of 45.1 million lira ($28.91 million, TL 580 million at today’s exchange rate) to Adabank. However, the tender was subject to BRSA approval and was canceled when the permit could not be obtained. Sinpaş group of companies offered US$57.1 million (TL1 billion 142 million at current exchange rates) to Adabank, which went on sale for the third time in September 2008, the sale was not approved.

In November 2010, Bank Pozitif made an offer of US$42 million (approximately TL840 million) to Adabank, which went up for tender for an estimated value of TL90 million. The sale was not confirmed.

SDIF put Adabank up for sale in July 2011 for an approximate value of 75 million dollars. Remzi Gür and his partner G Capital submitted a bid of $75 million (TL 1.5 billion at current exchange rates). BRSA announced that it does not allow the sale. In January 2019, Na-Fi Dış Ticaret AŞ offered US$60 million (TL 1.2 million) in the tender. The sale has been cancelled.

I WANTED TURKBANK

It is alleged that the Ahlatcı firm wanted the Turkish Commercial Bank (Türkbank), which was recently tendered by SDIF, wanted to participate in the tender to buy this bank, but surprisingly at the last moment it gave up participating in the tender and turned its route to Adabank. Türkbank was sold to Export Development Inc. (İGE) for 455 million lira, and it was a matter of discussion that 3 companies withdrew from the bidding on the day of the bidding, and the other 3 companies that participated in the bidding did not show up. any offer.