London, Oct 10, IRNA-The Parsian Investment Company has gained approval from Britain's financial regulatory body for takeover of Sabanci Bank, the UK subsidiary of Akbank of Turkey.
A spokesman for Parsian told IRNA Tuesday that the bank had been told of the acceptance by the Financial Services Authority for the share purchase agreement submitted three months ago.
Sabanci announced on July 14 that it had signed an agreement with Parsian, the largest private bank in Iran, for the sale of the London bank's holdings of 65 percent of its issued share capital.
In the context of the agreement, Universal Trading (Jersey) Limited, the other shareholder of Sabanci, is also to sell its 35 percent interest.
The spokesman also said that the takeover was progressing and that the bank hoped to make an announcement of the takeover next month once all the necessary documentation was completed.
Under British law, the transaction is subject to the approval of the FSA and other regulatory authorities before it can be finalized.
Sabanci, whose main activities are commercial lending, trade finance and wholesale treasury operations, was established in London in 1983 and has been regulated by the FSA since 2001.
At the end of last year, its total assets were pnd 700 million (USD 1.3b), with total equity of pnd 120 million and share capital of pnd 100 million.
Parsian Bank is quoted on the Tehran Stock Exchange with assets of USD 8.8 billion as per unaudited accounts dated March 21, 2006.
It has 1.4 million customers.
... Payvand News - 10/10/06 ... --