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Tekfenbank share transfer is complete

Eurobank EFG Group and Tekfen Group’s strategic partnership over Tekfenbank has been completed. Accordingly, Eurobank EFG has acquired 70 percent of Tekfenbank.

The sale to EFG Eurobank Ergasias S.A. (Eurobank EFG Group) of 70 percent of the shares of Tekfenbank, a subsidiary of Tekfen Holding, has been completed today.  Consequently, while Eurobank EFG acquired 70 percent of Tekfenbank shares, Tekfen Group remains a strategic partner with a 30 percent share.

The legal procedure, which started with the approval of the share transfer by the Turkish Banking Regulation and Supervision Board (BRSA) on 23 February 2007, was completed with the Extraordinary General Assembly Meeting that was held on 16 March 2007.  In accordance with the decisions taken at the Extraordinary General Assembly Meeting, the new Board of Directors of Tekfenbank has as follows: M.Ercan Kumcu (Chairman), Nikolaos B. Karamouzis (Vice Chairman), Mehmet N. Erten (CEO), and members: Ms Elif Bilgi, Ms Paula N. Hadjisotiriou, Evangelos Kavvalos, George Marinos, Giorgio Pradelli, Ms Derya Tamerler and Reha Yolalan.

Tekfenbank aims to become a stronger player in the Turkish banking sector benefiting from the international banking expertise of Eurobank EFG Group and the wealth of experience of the Tekfen Group in Turkey. Additionally, the financial strength of the two partners and their commitment to cooperation will be the greatest guarantee for Tekfenbank’s medium to long term growth plan.

The strategic priorities for the Bank include strengthening the branch network to ensure growth in the areas of Corporate Banking, SMEs, Small Business Banking as well as Capital Markets. In addition, the Bank will leverage corporate client relationships for targeted sales campaigns to affluent individuals.