Dutch insurer Eureko is willing to take the residual 20% stake in its Turkish unit Eureko Sigorta, should local Garanti Bank (IST:GARAN) put it up for sale, Reuters reported on Monday, citing Thomas van Rijckevorsel, an Eureko executive board member.
Garanti Bank has an option to sell its 20% of Eureko Sigorta which it could exercise in June 2010.
Eureko, which acquired 80% of Eureko Sigorta in 2007, is looking to expand in markets with low penetration, and sees Turkey as a key market, Rijckevorsel said. Eureko also has 15% of Garanti Bank's life and pension unit Garanti Emeklili, and owns an option to acquire a further 35% plus one share in the company. There is no decision yet on that option, Rijckevorsel said.
Eureko Sigorta plans to boost its market share in Turkey by 2.5% to 8% over the next three to four years, chief executive, Okan Utkueri, was cited by Reuters as saying.
Target: Eureko Sigorta
Buyer: Eureko BV
Vendor: Turkiye Garanti Bankasi AS
Type: Corporate acquisition
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