ING acquire Oyak Emeklilik

by Richard Kilner

Story link: ING acquire Oyak Emeklilik

Dutch bank, ING, today announced that it has come to an agreement with OYAK Group whereby it will acquire Oyak Emeklilik, a voluntary pension fund.

Its acquisition will provide the bank with a springboard from which to enter the lucrative Turkish pensions market, and adds to the momentum of its other acquisitions in Turkey.

ING’s executive board member, Jacques de Vaucleroy, has stated that the deal is part of the firm’s strategic drive to provide banking, investments, life insurance and retirement services, as well as offering the chance to enlarge their offering to the Turkish market.

All the shares in Oyak Emeklilik will become ING’s in exchange for a cash consideration of 110m euros, financed internally.

It is predicted to be completed in the latter half of this year.