TODAY’S – Finansbank declines to comment on public offering

Finansbank declines to comment on public offeringTurkeyand#39s Finansbank, which is owned by the National Bank of Greece (NBG), failed to provide details regarding a previously announced secondary public offering (SPO) during a meeting in Istanbul on Tuesday.Finansbank said it planned to complete a public offering of a portion of its shares by the end of the first quarter after receiving regulatory approval.

In early February, Finansbank CEO mer Aras stated that the NBG delayed the SPO due to elections in Greece and that it was andldquoa matter of a few weeksandrdquo before the public offering in Turkey would be finalized.Currently 02 percent of Finansbank shares are traded on Borsa Istanbul (BIST) and last October the bank said it decided to raise its issued capital by 25.

2 percent to TL 355 billion ($1.58 billion) through a secondary public offering.

The bankand#39s market value is estimated at $3.45 billion and 225 percent of this is expected to be traded on BIST in an SPO.

andldquoI will not respond to questions regarding the SPO. [andhellip] It is a matter of another meeting,andrdquo Finansbank General Manager Temel GuzeloIlu told reporters on Tuesday.

Finansbank is the most profitable foreign lender in Turkey. Foreign banks in the country have come under focus after Citigroup Inc.

shut down its Turkish banking last week and there are rumors that HSBC would consider selling its Turkish unit.

SOURCE: Today’s Zaman