Turk Ekonomi Bankasi (TEB), the Turkey-based
subsidiary of BNP Paribas, has agreed a deal to merge with the
Turkish arm of Fortis.
The newly merged entity will be branded TEB
and form Turkey’s ninth-largest bank by assets, with 630 branches,
3 million individual customers, and 500,000 small business or
corporate clients.
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The deal, subject to regulatory approval, is
expected to close by the start of 2011.
Fortis Bank Turkey reported a consolidated net
profit of TRY32.5 m ($39.2m) for the first quarter of 2010; total
assets increased quarter-on-quarter 8 percent to TRY12.8bn.
TEB’s total assets increased 1.7
quarter-on-quarter to TRY15.3bn but first quarter net profits
fell 42.4 percent to TRY48.4m.
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