Etibank

Etibank A.Ş is a defunct Turkish bank. Founded in 1935 as a state bank focussed on financing the electricity sector, it launched commercial banking activities in 1955. The commercial banking division was separated out in 1993 (from what would become Eti Mine Works), and privatised on 2 March 1998 to Medya İpek Holding A.Ş.,[2] co-owned by Cavit Çağlar and Dinç Bilgin, for $155m.[3] The bank was sold to Bilgin's Medya Sabah Holding A.Ş. in 2000. It was taken over by the government's TMSF in October 2000, and Eskişehir Bankası T.A.Ş. and İnterbank A.Ş. merged into it on 2 July 2001. It was merged into the TSMF's Bayındırbank on 5 April 2002.[2]

Etibank
Bank
IndustryBanking
Founded14 June 1935[1]
Defunct5 April 2002
HeadquartersIstanbul, Turkey
ProductsFinancial Services
ParentTMSF

In 2011 Dinç Bilgin was sentenced to nearly five years in prison for financial irregularities relating to his ownership of Etibank. Others were also convicted for their roles.[4]

References
  1. Eti Mine Works, About Us Archived 2013-12-19 at the Wayback Machine
  2. TBB, Historical Data about Closed Banks - tbb.org.tr Archived December 5, 2014, at the Wayback Machine
  3. Turkish Daily News, 3 December 1997, This time, Cavit Caglar buys Etibank
  4. Haberturk, 17 April 2011, Dinç Bilgin gets 4 years and 10 months behind bars for embezzlement!
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.