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ING Groep to acquire Turkey's Oyak Bank for €2 bln

Dutch bank ING Groep NV will buy Turkey's Oyak Bank for €2 billion ($2.67 billion), the Turkish bank said in a statement Tuesday.

The transaction of ING Groep NV, which remains subject to approval by Turkish authorities, will be conducted in cash, Oyak Bank said. The name of the Oyak Bank will be changed within one year of the sale, it added. Oyak Bank is one of the top ten banks in Turkey. (iht.com)