The Saving Deposit Insurance Fund (TMSF) has put 94.4 percent of Adabank on sale once again, this time for $60 million. According to the announcement on the Official Bulletin, the documents for pre-qualification need to be submitted to Adabank's Sales Commission by Feb. 16, 2016. The pre-qualified participants then need to deliver their documents for the tender by Feb. 22 at the latest. The tender will take place on Feb. 23 in Büyükdere at the TMSF's Istanbul office. The pre-qualified participants also have to transfer cash collateral of $6 billion. Only joint stock companies and their partners that meet the related conditions of the banking code can participate in the tender.
The TMSF had called an Adabank auction last December after previous auctions yielded no result with an appraisal price of $77.5 million, $12.5 million less than the previous appraisal price in 2010. The auction, which is expected be held in February, also yielded no result.
The Uzan Group's regulator seized Adabank in 2003, and the fund also took control of İmar Bankası and 200 companies owned by the Uzan family group. The fund had accused the Uzan Group of taking part in a scheme to siphon off millions of dollars from the two financial institutions.
In 2007, the Banking Regulator of Turkey rejected the sale of 99.99 percent of Adabank to the Kuwait-based International Investor Company because of its inadequate financial strength. The banking regulator also rejected the sale of Adabank in 2009 to the Kok Group.
The insurance fund had turned down BankPozitif's offer, owned by Israeli-lender Hapoalim, to buy Adabank at an auction on Nov. 26, 2010, because its $42 million offer was only half the appraisal price of $90 million.