Finansbank sale approved

ISTANBUL (Reuters) – Turkey’s banking watchdog has approved the sale of a 46 percent share of Turkish Finansbank to Greece’s National Bank, the watchdog said in a statement to the Istanbul Stock Exchange yesterday. National Bank, Greece’s largest bank in terms of assets, agreed in April to pay a total of $2.774 billion for 46 percent of the bank’s shares, as well as 100 percent of its founding shares. National said at the time that it would tender for additional shares in Finansbank in the second half of 2006 to gain a majority stake.

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