There is a considerable number of foreign insurance companies interested in the privatization of Halkbank subsidiaries Halk Hayat ve Emeklilik and Halk Sigorta, which is being carried out by the Privatization Authority. Banking authorities stated that Zurich Insurance, Japanese Meiji Yasuda, Sompo and Nippon Life, Malaysia”s Khazanah, Belgian Ageas, English Aviva and ACE Group are among the interested companies looking at Halk Sigorta and Halk Pension.
A banking source stated “This is an asset which attracts the interest of foreigners who intend to enter the Turkish market or strengthen their presence. Therefore, there is a considerable number of interested investors.”
Zurich Insurance, Sompo, Meiji Yasuda, Nippon Life, Ageas and Aviva did not comment on the issue. We could not reach the authorities from Khazanah and ACE Group. The Privatization Authority did not comment on the issue.
Another source with information on the issue stated that: “Negotiations [have been] carried out with almost 20 investors; there is a great interest from Europe, Asia and the US. The buyers will decide whether or not to participate in the process once the specifications are announced which will determine the details of the privatization. However, at least five investors are in the phase of choosing their advisors.”
Halkbank authorized the general directorate in July for the part/whole sale of its direct and indirect shares in Halk Hayat ve Emeklilik and Halk Sigorta through the Privatization Authority. Citi advises on the sale of Halk Hayat ve Emeklilik and Halk Sigorta.
Ali Ceylan is a partner at Baspinar & Partners Law Firm. He can be contacted at
[email protected]
.