| This was already expected by the market, so we do not expect the news to have impact on the share price. But, when completed, Garanti will book a one?off gain in 2Q11 which will support the bottom line and the RoE of the bank. Recall that Garanti had sold its 15% stake in non?life and 80% of life insurance companies (and generated a total amount of US$ 565mn). The bank holds an option to sell additional 20% stake in non?life, while the buyer Eureka also has an option to buy additional 35% stake in the life company. |
Source : bne
Hit : 862
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