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On Thursday, the Embassy in Abu Dhabi too had announced several measures
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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.
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.
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