Russia’s business daily, Kommersant, reported that the bank with the largest holdings of Turkish capital, Credit Europe Bank, is for sale in Russia. According to the representatives of the publication, the sale is being made due to the deterioration of Russian-Turkish relations, as well as the overall economic stagnation in Russia. One of the sources in the banking market reported that the search for potential buyers for Credit Europe Bank started in the middle of January.
Financial giant Morgan Stanley was engaged in the search for buyers, but refused to comment on the details. The actions of shareholders will not be released by Credit Europe Bank.
Shareholders represented by the parent corporation Credit Europe Bank NV (located in the Netherlands) haven’t responded to the corresponding request of Kommersant. Credit Europe Bank is the largest bank with Turkish capital in business in Russia, and has been present in the country since 1994. 99.9 % of the bank’s shares belong to Credit Europe Bank NV, and the ultimate beneficiary is Turkish citizen, Hüsnü Mustafa Özyeğin.
The sources suggest that Credit Europe Bank is only the first company with Turkish capital that will go up for sale and Russia, and that many others will follow suit due to the challenging political and economic environment in the country.