ISTANBUL (CIHAN) - The Chairman of the Turkish Savings and Deposit Insurance Fund (TMSF), Ahmet Ertürk has revealed on Friday that Cavit Caglar and Hayyam Gariboglu are to sign an agreement to repay their debts to the Fund. The TMSF had previously seized Sümerbank owned by Hayyam Garipoglu and Interbank owned by Cavit Çaglar.
A meeting entitled 'Sale of Assets and Asset Management Companies' is taking place on Friday, organized by the TMSF and the World Bank in Istanbul. Speaking at the meeting, Ertürk, in answering reporters' questions, said that the TMSF had reached an agreement with Caglar and Gariboglu for the repayment of the Interbank and Sumerbank debts.
Stating that the agreement will be signed within one week or ten days, Ertürk said that the negotiations with the Cukurova Group and Yavuz Zeytinoglu (Esbank) are continuing.
Ertürk said that they had also negotiated with Cem Uzan in relation to the debts of the Uzan Group. He also added that he hoped that the agreement concerning the sale of the Star Media Group owned by the Uzan Group would be completed by July 15.
The TMSF previously seized 22 banks including Imar Bank, Pamukbank, Etibank, Bank Capital, Bayindirbank, Yasarbank, Demirbank Bank, Sitebank, Toprakbank, Sümerbank, Interbank, Yurtbank, Iktisat Bankasý, Kentbank and Esbank. The total value of the 22 banks is estimated to be about 55 billion dollars.