Adabank A.Ş. was founded in 1984 and was seizured from the Uzan Grubu as from the İmarbank Scandal. 99.9% of the company was transferred to the

TMSF The Savings Deposit Insurance Fund of Turkey ( tr, Tasarruf Mevduatı Sigorta Fonu), a.k.a. TMSF in abbreviated form, is the governing body concerned with matters of fund management and insurance in the Turkish banking system. The body was found ...

, the Turkish Savings Deposit Insurance Fund. Adabank A.Ş. was sold in 2006 to the

Kuwait Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...

i, The International Investor Company. The BDDK, the Turkish Banking Regulation and Supervision Agency cancelled the deal, as it found the acquiring party not being able to rais the necessary capital. In 2008, another bid was made, and Kök Menkul ve Gayrımenkul Yatırım Ticaret A.Ş., part of the Sinpaş Grubu successfully bid for the Bank. As of now, no other declarations and news have been received regarding future operations. On 26 November 2010. Turkey's Savings Deposit Insurance Fund, or SDIF, has turned down BankPozitif offer to buy Adabank at an auction. Savings Deposit Insurance Fund expected $90 million as sale price and BankPozitif offer of $46 million was rejected as too low. Bank Pozitif, majority-owned by Israel's

Bank Hapoalim Bank Hapoalim ( he, בנק הפועלים lit. ''The Workers' Bank'') is one of Israel's largest banks. History The bank was established in 1921 by the ''Histadrut'', the Israeli trade union congress (lit. "General Federation of Laborers in the ...

, was the sole bidder for the small Turkish lender Adabank. Bank Hapoalim, Israel's second-largest bank, bought a 57.6 percent stake in Turkey's Bank Pozitif in 2006 and raised its stake to 65 percent in 2008.Israeli-held Bank Pozitif bids $42 mln for Adabank
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References

Banks established in 1984 Banks of Turkey Companies listed on the Istanbul Stock Exchange Companies based in Istanbul Turkish companies established in 1984 {{Turkey-company-stub

See also

References