EUROBANK TEKFEN

Eurobank Tekfenbank was founded in Istanbul, Turkey in 1989 as an investment and finance bank. In 2001, the bank acquired Bank Ekspres and after the merger, Tekfenbank moved into commercial banking. Eurobank Tekfen provides commercial banking products and services to customers in Turkey. Since 2001, the bank has had a presence in localities where 64.3% of Turkey's total GNP is generated and, with selective branch openings, it aims to raise this ratio to 75-80%. In its 16th year in the bank... ing industry, the Tekfen Group decided that the bank should move forward with a strategic partner and the outcome of that decision was an agreement with Eurobank EFG, the second largest bank in Greece. Under this agreement, Eurobank EFG acquired a 70% stake in Tekfenbank with the Tekfen Group maintaining its strategic partnership with a 30% share. On July 2010, Eurobank Tekfen was put up for sale as EFG Eurobank sought to strengthen its capital base. On April 2011, Kuwait's Burgan Bank bought 70% of Eurobank Tekfen, and later agreed to buy the remaining 29.26 percent.More