Publications
Publications
- February 2016 (Revised January 2017)
- HBS Case Collection
Bidding for Finansbank
By: David Scharfstein and Esel Çekin
Abstract
Because of the deepening Greek crisis, in October 2015, National Bank of Greece (NBG) was required to sell one of its most valuable assets, Finansbank, the eighth largest Turkish bank. There were three potential buyers: Garanti Bank, Turkey's second largest private bank, which was owned by the Spanish bank BBVA; Qatar National Bank, with a strong footprint in the Middle East; and a private equity consortium led by Finansbank's previous owner and founder Husnu Ozyegin. Each of these potential buyers had different motivations for the purchase. NBG's motivations were to obtain the highest price and to close the deal as quickly as possible. The identity of the winning bidder would be critically important to the future of Finansbank and its employees. Who is likely to win the bidding, and will the winner be best for Finansbank's future?
Keywords
Banking; Acquisitions; International Acquisition; Cross-border Investment; Bidding; Bidders; Regulations; ROE; Cost Synergies; Regional Growth; Emerging Market; Sales Process; Valuation; Mergers and Acquisitions; Banking Industry; Turkey; Europe
Citation
Scharfstein, David, and Esel Çekin. "Bidding for Finansbank." Harvard Business School Case 216-040, February 2016. (Revised January 2017.)