Turkish group Bayindir, BTR (Turkish-Romanian Bank) majority shareholder, started sending to Romania part of the money necessary to solving BTR's cash flow crisis, but the bank's normal activity will hopefully be resumed in a few weeks.
"We estimate that it will take another couple of weeks until our activity enters a normal course," BTR spokesperson Adriana Ahciarliu told Ziarul Financiar.
Bayindir has lately sold several assets it held in Turkey in order to get the necessary money to solve the Turkish-Romanian Bank cash flow problems.
According to a Bayindir Holding official, quoted by Reuters, the cash flow crisis faced by Turkish-Romanian Bank "ended following repeated assets sales." The Turkish official maintained that Bayindir transferred 90 million dollars to Turkish-Romanian Bank.
Bayindir Holding, which holds in Turkey investments in the domain of constructions, energy, finances and health, announced that it had sold the 42.5% stake it held in a company established together with American company Coal Corp and with the National Power Company in Great Britain.
At the same time, Bayindir says that it also sold the 37% stake it owned in a soda-processing plant located near Ankara. The value of these transactions was not made public.
Another asset sale was that of a commercial and entertainment complex owned in Istanbul. The value of this transaction stood at 65 million dollars, and the buyer was one of the most powerful Turkish banks, Is Bankasi.
At the same time, Is Bankasi bought, for 4 million dollars, the 5.33 percent stake in the stock held by Bayindirbank in another Turkish company - Bayek Tedavi. Immediately after the Turkish-Romanian Bank crisis burst out, Bayindir sold to Fiba Holding the 50% stake it owned in the Bucharest Mall.
Bayindir ad to sell all these assets in order to save Turkish-Romanian Bank. The bank's problems are not related to operations developed in Romania, but to Bayindir operations in Turkey, where the group has been facing problems lately. These problems became more difficult because of the financial crisis that emerged in Turkey.
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