Turkey’s Savings Deposit Insurance Fund cancelled the tender for Adabank after Hapoalim’s sole bid was declared too low.<\/p>\n
28 November 10 16:56, Eran Peer<\/p>\n
Bank Hapoalim’s (TASE: POLI) attempt to solve the problem of its Turkish subsidiary BankPozitif Credi Ve Kalkinma Bankasi AS lack of a deposit permit has failed. Turkey’s Savings Deposit Insurance Fund (TMSF) cancelled the tender for Adabank after the sole bid by Bank Hapoalim, $42 million, was declared too low.<\/p>\n
TMSF set a $90 million target price for Adabank, reflecting a return on equity of 2.5 for the bank. Bank Hapoalim’s bid reflected a return on equity of 1.2.<\/p>\n
Bank Hapoalim wanted to acquire Adabank, a small bank that was nationalized seven years ago, because it has a deposits from the public permit. Bank Hapoalim planned to merge it with BankPozitif, which can only expand by increasing its equity basis because it lacks a deposits from the public permit. As a result, BankPozitif is stagnating and its return on equity is low. Acquiring a bank like Adabank, which has a deposits from the public permit, would solve this problem.<\/p>\n
Bank Hapoalim acquired the 69.8% controlling interest in BankPozitif four years ago. Bank Hapoalim expected that BankPozitif would obtain a deposits from the public permit, but the TMSF has refused to grant one.<\/p>\n
Published by Globes [online], Israel business news – www.globes-online.com – on November 28, 2010<\/p>\n
\u00a9 Copyright of Globes Publisher Itonut (1983) Ltd. 2010<\/p>\n","protected":false},"excerpt":{"rendered":"
Turkey’s Savings Deposit Insurance Fund cancelled the tender for Adabank after Hapoalim’s sole bid was declared too low. 28 November 10 16:56, Eran Peer Bank Hapoalim’s (TASE: POLI) attempt to solve the problem of its Turkish subsidiary BankPozitif Credi Ve Kalkinma Bankasi AS lack of a deposit permit has failed. Turkey’s Savings Deposit Insurance Fund […]<\/p>\n","protected":false},"author":83,"featured_media":66059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[846],"tags":[3665,4599],"class_list":["post-27224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-adabank","tag-hapoalim"],"_links":{"self":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts\/27224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/users\/83"}],"replies":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/comments?post=27224"}],"version-history":[{"count":0,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts\/27224\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/media\/66059"}],"wp:attachment":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/media?parent=27224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/categories?post=27224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/tags?post=27224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}