"THE SKEPTIC: Gravy In Turkey
By Arindam Nag
A DOW JONES NEWSWIRES COLUMN
LONDON (Dow Jones)--The outright acquisition of Finansbank by the likes of Citigroup or any other international bank would be the strongest signal yet that the IMF-backed banking reforms in Turkey have paid off.
The three-year reforms were launched in 2001 following devaluation of the Turkish lira, and they knocked out several underperforming small and medium-sized banks. But what has emerged is a cleaner, more disciplined banking sector. The prospect of a full-fledged acquisition by a foreign player, as opposed to partial ownership, is a testimony to those changes."
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