SBK Holding is to bid for a listed lender as it draws eyebrows
SBK Holding, a Turkey-based investment group, is interested in entering the banking sector by buying a stake from a Central Asian fund in a listed lender, sources close to the matter said. Previously, SBK had submitted a bid to buy Bank Pozitif from Israeli lender Hapoalim, but those negotiations failed. The investment group recently acquired airliner Borajet and owns pharmaceutical companies in Turkey. SBK acts as a private equity firm and invests in distressed assets and is rumoured to be managing equity for a U.S. fund. SBK Chairman Sezgin Baran Korkmaz spoke at last week’s Uludag Economy Summit about his company’s ambitious growth plans. The bank SBK is bidding for, had attracted interest from Gulf funds but a deal wasn’t reached due to what investors saw as a complicated shareholding structure, sources said. SBK plans to strengthen the financials of the bank, they said.