press release

Dexia completes the acquisition of a controlling interest in Denizbank

Dexia has closed on October 17, 2006 the share purchase agreement with Zorlu Holding concerning the acquisition of approximately 75 % stake in DenizBank Financial Services Group. Since its announcement on May 31, 2006, all regulatory approvals have been obtained.
The 237,063,940,440 shares representing a 74.9965% stake in Denizbank A.S. were transferred from Zorlu Holding A.S. to Dexia Participation Belgique SA (a 100% subsidiary of Dexia SA) for an amount of USD 2,428,573,380. This transaction values 100% of the shares of DenizBank at USD 3.238 billion.
In compliance with Turkish law, Dexia Participation Belgique SA will launch a mandatory tender offer for the remaining ordinary shares held by the minority shareholders (approximately 25%), and listed on the Istanbul Stock Exchange. This offer will be launched after obtaining the regulatory approvals required for this mandatory tender offer, at a price per share in TRY equivalent to that offered to Zorlu Holding.
Dirk Bruneel, Member of the Management Board of Dexia, will become Chairman of the Board of Directors of DenizBank. Hakan Ates will remain Chief Executive Officer of DenizBank.
Axel Miller, Dexia’s Chief Executive Officer, declared:
“With DenizBank, Dexia has acquired a superior franchise in Turkey. DenizBank is best placed to capture the vast opportunities which are offered in universal banking in one of the fastest-growing markets in the region. Besides, the bank will capitalize on Dexia's world leadership to develop, on the medium to long-term, a strong position in public and project finance in a very promising environment.”
Hakan Ates, DenizBank’s Chief Executive Officer said:
“Denizbank became the sixth biggest private bank since it creation nine years ago. Thanks to this takeover, we will not only have Dexia, the world's leader in public and project finance, to bring its expertise and superior ratings in Turkish banking but also Zorlu Group will have the chance to invest further in Turkey contributing to economic growth. Moreover, with this takeover, Denizbank will become Dexia's growth engine within the region and will also contribute to its diversification.”
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