HSBC interested in Turkey’s Finansbank

HSBC interested in Turkey’s Finansbank

ISTANBUL- Hürriyet Daily News
HSBC interested in Turkey’s Finansbank

AFP photo

Reports that HSBC Holding PLC is “seriously interested” in acquiring Finansbank sent the lender’s stock prices up by 11 percent in yesterday’s morning session.

Finansbank is the Turkish unit of the National Bank of Greece. The Greek lender could sell its 20 percent stake in Finansbank next year, according to reports.

Meanwhile, struggling Franco-Belgian bank Dexia announced yesterday it had secured temporary financing guarantees from Belgium, France and Luxembourg. A draft of the temporary agreement has been sent to Dexia’s Board of Directors and to the European Commission, which will need to decide if the rescue complies with state aid rules.

Dexia said the temporary agreement would cover up to 45 million euros of its financing needs until May 31. Dexia will provide the three countries with collateral for some of the guaranteed obligations issued, a fee of 225 million euros and monthly fees based on the outstanding amount of guaranteed debt, Reuters reported.

Dexia is also considering selling its Turkish bank Denizbank. HSBC has already made a formal $4.7 billion offer.