Halk Bank to Merge With Pamukbank

According to Banking Regulation and Supervising Board (BDDK) data, the total active size of the sector was TL 204.1 quadrillion as of late November 2003. Ziraat Bank is the largest in the sector in terms of active size followed by Is Bank, Akbank, Garanti Bank, ‘Yapi ve Kredi’ Bank and Halk Bank.

Halk Bank regards the merger with Pamukbank as positive because of its young personnel and technological infrastructure. Pamukbank has 172 branches and 4,059 personnel. The average age of Pamukbank employees is 32, while it is 45 at Halk Bank. In addition, 3,000 Halk Bank employees are about to retire.

With the decision of BDDK dated June 2002, Pamukbank’s partnership rights as well as management and auditing rights were transferred to the TMSF. The TMSF initiated the selling of Pamukbank on June 29, 2002; but, although the Bank was put up for sale twice, a sale was not realized because the offers were insufficient.

Halkbank General Director, Hasan Cebeci said on February 19 that plans to purchase Pamukbank were in progress.