Arab Bank, BankMed agree on transfer of MNG Bank

DUBAI — Arab Bank and BankMed announced yesterday that they have agreed with Mehmet Nazif Günal for the transfer of 91 per cent of MNG Bank subject to the permission of the Banking Regulation and Supervision Board of Turkey. Arab Bank will own 50 per cent, BankMed 41 per cent and Mr. Günal will retain 9 per cent of the share capital of the bank.

By A Staff Reporter

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Published: Fri 8 Sep 2006, 10:17 AM

Last updated: Sat 4 Apr 2015, 4:18 PM

An application has been filed with Turkish regulatory authorities (BRSB). Subject to Turkish regulatory approvals, the transaction is expected to close in middle of the fourth quarter 2006 at the latest.

Both Arab Bank and BankMed believe in the quality and growth potential of MNG Bank and the Turkish banking sector. In order to achieve its objectives, MNG Bank will maintain its existing talent who have helped the bank develop over the years and will attract additional highly skilled bankers to accomplish its expansion plan.

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