Standard Bank sells chunk of Turkish venture
Wednesday, 11 Apr 2012
STANDARD Bank had reduced its stake in Turkey’s Standard Ünlü from the 67% it bought in 2007 to 25%, it said yesterday.
Analysts said the deal was in line with the banking group’s strategy to focus on Africa and natural resources. News of the deal saw Standard’s share price rise 1,2% to R112,60 yesterday, bucking the trend, with the JSE all share index falling 0,34%.
Turkey’s Mahmut Ünlü, the founder of Standard Ünlü, will now own 75% of the Turkish bank. Those close to the deal said the carrying value of the Turkish investment in Standard Bank’s books was about $40m and the bank had realised a "small profit" from that.
It seems that after the transaction, the three minority shareholders -- Attila Köksal (4,29%), Güray Zora and Ibrahim Romano (3,43% each) -- will no longer be shareholders in Standard Ünlü.
Asked to comment on the deal, Standard Bank said: "This agreement, which will place Mahmut Ünlü, founder and CEO of Standard Ünlü, in control of the company, recognises Standard Bank’s strategic focus on Africa and natural resources, while maintaining the strong and successful business partnership which has been developed since the original investment."
Mr Ünlü said: "We have been evaluating various alternatives to reshape our partnership to better reflect our strategies with our South African partners...
"We have reached an agreement which caters to all the shareholders’ needs.
"Ünlü & Co, as the majority shareholder, will be in a position to drive growth both in Turkey and the region, while at the same time continuing to have a strategic partner in Standard Bank to help support that growth."
Sanlam Investment Management’s head of equities, Patrice Rassou, said the deal was in line with Standard’s strategy of reducing capital invested offshore.