ISTANBUL - Arab Bank and BankMed have agreed to buy 91 percent of the MNG Bank.
Arab Bank will purchase 50 percent of MNG Bank stake, while BankMed will buy 41 percent. MNG Bank's owner Mehmet Nazif Gunal will preserve his 9 percent share in the bank.
The bank is expected be transferred to the new owners till the end of this year.
Meanwhile, Arab Bank's President and DG Abdel Hamid Shoman and BankMed's President and DG Mohammad Hariri said that they have full belief in the quality and growth potential of Turkish banking sector. Therefore, they noted, they are planning to not only go on with the current officials of the bank but also recruit new staff in order to grow.
On the other hand, Mehmet Nazif Gunal said that this is the first time that Middle Eastern capital has been invested in Turkish banking system. Stating that these two banks are experienced in individual and institutional banking since 1930s, Gunal said that they will contribute to Turkish banking sector and economy.