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HSBC completes purchase of Advantage
19 September 2002
HSBC Bank A.S. today completed the purchase of Benkar Tuketici Finansmani ve Kart Hizmetieri A.S. and the Advantage brand from Boyner Holding A.S.
This follows the bank’s announcement on 8 August that it had signed a sale and purchase agreement for this acquisition for a consideration of up to US$75 million. Part of the consideration will be subject to the achievement of certain pre-agreed performance targets in the next five years.
Benkar is the largest consumer finance and card services company in Turkey. It currently has some 300 participating merchant firms and over 1.3 million Advantage cardholders. The Advantage card can be used at over 5,000 points of sale.
Piraye Antika, Chief Executive of HSBC Turkey, said: “This is good news for both HSBC and Advantage customers. The acquisition of one of Turkey’s most respected brands complements HSBC’s own retail portfolio and will now provide HSBC customers with instalment cards. At the same time qualifying Advantage card customers will have access to international credit card and other banking services.”
Notes:
Boyner Holding A.S. is Turkey’s largest non-food retailer with well-known brands such as Beymen, Carsi, Altinyildiz, Network, Limon and Fabrika under its ownership. The main areas of business include textile manufacturing, fashion retail and tourism.
HSBC Bank A.S. began operations in Turkey in 1990 and, with the acquisition of Demirbank in 2001, now has a significant position within the banking sector. HSBC Bank A.S. provides a comprehensive range of personal, commercial, private banking and brokerage products and services through its 163 branches, 3,200 personnel, and its 100 per cent-owned investment banking subsidiary HSBC Yatirim
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