Draft Bill Concerning Transferring Of Turkish Pamukbank To Halkbank Is At T.B.M.M.

ANKARA (CIHAN) - The draft bill that provides opportunity to combine Pamukbank, which was seized by the Turkish Savings and Deposit Insurance Fund (TMSF), with Halkbank was presented to the Turkish Grand National Assembly (TBMM) on Monday.
Legislation of the draft bill is occurring as a result of the recent International Monetary Fund (IMF) review. This draft bill must be enacted by July 15 after which TBMM will recess.
The 8th Review is expected to take up by the IMF Directors on August 15, 2004.
Pamukbank, which is the 7th largest bank in Turkey, was majority held by the Cukuova Group which had all its shares transferred to the TMSF on June 18, 2002. The TMSF Administrative Board had offered Pamukbank shares for sale on 2 April 2003 with the closing date for share purchase on July 31, 2003. An offer from the Hussein Nuaman Soufraki (HNS Grup) and Finansbank Co. was subsequently presented to the Fund. The TMSF administrative board rejected the offer deeming it insufficient.
There are 528 branch offices of Halkbank and 171 branch offices of Pamukbank in Turkey. It is expected that some Pamukbank branch offices will close after the merger.