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ISTANBUL - Kazakhstan`s Bank Turan Alem Group purchased 33.9 percent stake of Turkey`s Sekerbank for nearly 260 million USD.
Releasing a statement, the Sekerbank said on Thursday that it had signed a deal with the Bank Turan Alem Group for the sale of a 33.9 percent stake yesterday.
The sale proceedings are expected to be completed on October 31st.
Under the deal, each one lira nominally-valued share will be handed over for 10 YTL.
Meanwhile, shares of Sekerbank in the Istanbul Stock Exchange (IMKB) dropped 11.76 percent from 9.35 YTL to 8.25 YTL after news of the sale.
Under the deal, total value of the Sekerbank, which has about 200 branches throughout Turkey, was set as nearly 720 million USD.
Last year, sale of the Sekerbank` 51 percent stakes to the Netherlands` Rabobank was cancelled after the court ruled that the price was too low.