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October 2019 www.intellinews.com I Page 6
Akbank has $1.7bn worth of exposure to Otas’ loan while Garanti Bankasi contributed with $1bn and Is Bankasi with $500mn.
In November 2005, Oger Telecom, owned by the Lebanese Hariri family, took over the stake for a period of 21 years in the largest privatisation tender in Turkish history for a consideration of $6.55bn.
Since the privatisation deal is to end in 2026, it is thought that it will not be easy for Turkish lenders to sell the stake.
The announcement regarding the mandate of Morgan Stanley for the stake sale came after the banking watchdog BDDK instructed on September 17 banks to convert TRY46bn in loans to non-performing loans (NPLs) and provision for losses by year-end.
