Finansbank 2006

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Finansbank 2006
HBS case study

11/15/2011
Duisenberg School of Finance
Irina Polukhina

“It gives us great pride that Finansbank, with its unique approach to banking, is recognized by an international bank and as a demonstration of this faith the executive management team of Finansbank is requested to continue in their current positions. Our new partner will further expand the scope of our stakeholders and customers, especially with its strong presence in the Southeastern European region.” – Husnu Ozyegin

“It gives us great pride that Finansbank, with its unique approach to banking, is recognized by an international bank and as a demonstration of this faith the executive management team of Finansbank is requested to continue in their current positions. Our new partner will further expand the scope of our stakeholders and customers, especially with its strong presence in the Southeastern European region.” – Husnu Ozyegin

Executive Summery
During almost 19 years of its history Finansbank earned an image of successful and unique bank in Turkey and across its boarders. Founder and owner of the bank Husnu Ozyegin is now faced with the crucial decision that will influence operations of the bank for the years to come. In 2005 he decided to consult with Morgan Stanley to evaluate bank for possible sale. National Bank of Greece (NBG) has the highest of three available offers. Now Ozyegin needs to decided whether he will accept this offer or not, and what impact it will have on all of the stakeholders involved. This is what we will try to investigate in this paper. Fact Sheet

Purpose| Amount|
FIBA's entire ownership stake in Finansbank|  | $ 2.774 billion| For 46% of the ordinary shares of the bank| $ 2.323 billion|  | Group's 100% stake in the founders shares of the bank| $ 451 million|  | Buying back international subsidiaries |  | $ 580 million| Figure 1. Summary of the NBG Offer

Figure 1. Summary of the NBG Offer

* Turkish...
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