Ahlatçı acquired Adabank for 7.9 million dollars

Adabank

Adabank, known as the bank of the Uzan family, was sold to the Ahlatçı Group for 215 million Turkish Lira, which is equivalent to 7.9 million dollars.

Adabank was put up for auction 14 times by the Savings Deposit Insurance Fund (TMSF). In one of the auctions, the bank received a $75 million offer, but it was eventually sold to the Ahlatçı Group for 7.9 million dollars.

Ahlatçı, in a statement to the Public Disclosure Platform, announced that they have obtained the necessary approval and acquired Adabank for 215 million Turkish Lira.

“In the statement, it was summarized that as of May 24, 2023, our company, holding 70% of the shares, Enerya Enerji Anonim Şirketi (a subsidiary of our company) holding 29% of the shares, and Ahlatcı Holding A.Ş. holding 1% of the shares, participated in the Adabank A.Ş. Share Sale auction conducted by the Savings Deposit Insurance Fund (SDIF) through AHL Ahlatcı Finansal Yönetim Anonim Şirketi (AHL Ahlatcı Financial), and it was announced that the auction concluded with the offer from AHL Ahlatcı Finansal.

Regarding the aforementioned auction; with the letter dated August 15, 2023 (today), from the Banking Regulation and Supervision Agency (BDDK), it was communicated to AHL Ahlatcı Finansal that permission has been granted for the transfer of 96.68234% of Adabank A.Ş.’s shares owned by the Savings Deposit Insurance Fund to AHL Ahlatcı Finansal Yönetim A.Ş., in accordance with Article 18, paragraph 1 of Law No. 5411 on Banking and paragraphs 1 and 2 of Article 11 of the Regulation on Transactions Subject to Permission of Banks and Indirect Shareholding.”

Adabank

Adabank was a Turkish bank that was established in 1984. It was founded by the Uzan family and became known for its involvement in various business sectors in Turkey. However, over time, Adabank faced financial difficulties and regulatory issues. It was taken over by the Savings Deposit Insurance Fund (TMSF), a government agency responsible for the protection of depositors’ funds in Turkish banks, due to financial problems.

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