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Major executions by Turkish lenders
Date
Taken-over
Stake
Debt
Bank
Bankrupted
Dec-20
Les Ottomans Hotel
full
TRY430mn
Akbank
Unal Aysal
Nov-20
Keskinoglu
100%
-
Ziraat-Halk-Vakif
Mehmet Keskinoglu
Feb-20
Yeni Elektrik
execution
$560mn
Yapi Kredi, Isbank, Garanti, Vakifbank
Unal Aysal
Sep-19
Turk Telekom
55%
$4.7bn
Garanti, Isbank, Akbank
Hariri/Lebanon
Sep-19
Three power plants
rumour
$1.9bn
Garanti, Is, Ak, EBRD, Deniz, Yapi Kredi
ACWA, Gama, Ansaldo
Major fire sales in Turkey
Date
Sold
Stake
Price
Buyer
Seller
Jan-21
30 shopping malls
claim
claim
banks
fire sale/execution
Jan-21
Unnamed electricity grid
-
rumour
Actis/UK
-
Jan-21
Marmara Forum shopping mall
claim
claim
Akbank
Multi/Netherlands
Dec-20
Palladium Atasehir
full
-
Akbank
Tahincioglu
Nov-20
Istinye Park
30%
$300mn
Qatar sovereign fund
Dogus Holding
Oct-20
Antalya Port
full
$140mn
Qatar
Global Ports
Jul-20
Dogus Marina
100%
-
CVC/Luxemburg
Dogus Holding
Apr-18
D.ream
17%
$200mn
Temasek/Singapore
Dogus Holding
7.1.5 NIMs & CARs
On December 8, the banking watchdog BDDK said it has extended through June 2021 the regulatory forbearance measures that allow local banks to record a loan as a non-performing loan (NPL) after a 180-day delay rather than a 90-day delay.
Also, Turkish banks are to keep using the central bank’s average FX buying rate across the last 252 days while calculating their capital adequacy ratios.
Turkey’s NPL ratio fell slightly below 4% at the end of October, from 5.4% at the end of 2019.
“The transparency of asset quality metrics has been weakened by substantial regulatory forbearance measures over the past two years,” Yes El-Radhi, senior sovereign analyst at Capital Intelligence Ratings, said in a client note.
7.1.6 Banks specific issues
Lloyd’s broker Turker Re has formed a new Capital Solutions unit to tap into the alternative capital market. It is starting out with a new industry loss warranty (ILW) product for earthquake risk in Turkey. The PERILS reporting threshold for a Turkish earthquake is set at €200mn. That is significantly higher than the $10mn threshold of industry peer PCS.
29 TURKEY Country Report February 2021 www.intellinews.com
