Turkey’s Halkbank bids for majority stake in Serbian lender Cacanska

ISTANBUL - Reuters

Halkbank, which has been facing claims of mediating Turkey’s gold-for-gas trade with Iran for years, received a major blow due to graft accusations against its former CEO Süleyman Aslan.

Turkey’s state-run lender Halkbank has said it has offered to buy a 76.76 percent stake in Serbian lender Cacanska Banka for an undisclosed sum.

In a statement to the Istanbul stock exchange, Halkbank offered no further details on the potential acquisition.

According to its latest closing share price, the market value of Belgrade-listed Cacanska Banka was $33.8 million.

State-owned lender Halkbank has suffered a huge loss in reputation since December. The lender, which has been facing claims of mediating Turkey’s gold-for-gas trade with Iran for years, received a major blow due to graft accusations against its former CEO Süleyman Aslan.

The ownership structure of Cacanska Banka is made up of the Serbian government (28.49 percent), EBRD London (25 percent), IFC (20 percent), and other minor parties.