TEB is an affiliate of BNP Paribas in Turkey, with local partner and BNP Paribas each owning 42.125% of shares indirectly and 15.63% publicly traded. TEB has a network of 317 branches as of end-September 2008 and offers corporate, commercial, retail and private banking services. TEB is 11th largest bank in Turkey in total assets and deposits, and 12th largest in loans and branch network as of end-September 2008.
TEB’s TL76 million NPL portfolio sold consisted predominantly of corporate and commercial loans- 83% of total portfolio by value. The rest were consumer-related loans.
Reform Kurumsal team advised the client on structuring of portfolio data, set up the data room, guided the client through the data room process, prepared and negotiated transaction documents, advised the client through negotiations and closing.
The portfolio was sold to Girisim Varlik in July 2008.
In a parallel process, TEB Cetelem, a sister company engaged in consumer finance under the BNP joint venture, sold its NPL portfolio of TL13 million to Deutsche Bank’s AMC Bebek Varlik. Reform Kurumsal also advised TEB Cetelem under an exclusive mandate.