Standard Chartered favourite for Oyak Bank

19 January 2007

Standard Chartered is among the favourites to buy Oyak Bank in a deal that could be worth up to $2 billion.

The Financial Times reports that Standard Chartered has been in talks with the Turkish medium-sized lender - the eighth largest in the country - for the last few months, but that not formal deal was coming in the near future.

The revelation is being seen as a sign of how the bank is set to look into emerging markets after Mervyn Davies took over as chairman.

Over the last two years, Standard Chartered has made four acquisitions including the Union Bank of Pakistan and the Taiwanese Hsinchu International Bank for $1.2 billion.

France's Credit Agricole is also thought as being a possible bidder for Oyak Bank, one of the few Turkish lenders that remain available to foreign investors.

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